SBI special home loan offers at 8%

State Bank of India has a special offer for home loan seekers. Home buyers will now have to pay only 8% interest for a loan taken from the bank.

SBI has come out with special home loan rates for new borrowers at 8%- applicable for one year. Existing borrowers can also borrow upto 10% of their exposure subject to a cap of Rs five lakh at 8%.

In an official release issued on Saturday, the banking major has said, 'SBI has decided to freeze interest rates on new Home Loans for a period of one year at 8% p.a. Interest rate will be reset after the freeze period to the same rate as originally applicable under the respective schemes.'

For existing SBI Home Loan customers, there is a new product, the "SBI Lifestyle Loan" ��� a multipurpose loan to the extent of 10% of their Home Loan upto a maximum of Rs.5 lacs at an interest rate of 8% p.a for a period of one year.

Existing borrowers of the two home loan schemes that is loans upto Rs 5 lakh and loans above Rs 5 lakh Rs 20 lakh, called 'SBI Special Home Loan scheme' would also be given this rate for a period of one year. The originally contracted rate will be applicable after the one year period.