State Bank Of India

State Bank of India (SBI), the country's largest lender extended 25 basis point concessional home loan scheme till December this year, as it is facing stiff competition from its rivals offering dual interest home loan products. The scheme which was open till October 31, 2011, has now been extended till December 31, 2011.

As per the scheme, SBI offers 25 bps discount on interest rates on its card rate across the tenor of a floating home loan. The card rate is calculated according to the slabs as a premium above the bank's base rate or the minimum rate of lending, which now stands at a competitive 10%.

Under the scheme, a borrower will now be charged an interest of 10.50% as against the earlier 10.75% on loans up to Rs 30 lakh. Similarly, a loan above Rs 30 lakh, but up to Rs 75 lakh, will attract an interest of 10.75%, as per the new scheme.