State Bank of India today said it did not have any immediate plans to revise its home loan rates, including that of the eight per cent special scheme originally slated to end this week.

“We have decided to keep the rates at the same level in the immediate future (including the 8 per cent scheme). The current rate structure will continue,” SBI Chief General Manager, P Nandakumar, said.

The bank was responding to media reports that SBI may withdraw the special home loan scheme, which offers eight per cent fixed interest rate for loans upto Rs five-lakh for five years.

It also offers loans upto Rs 50-lakh at 8 per cent for the first year and at 8.5 per cent in the second and third years. The scheme was supposed to end on November 7.

State Bank is understood to have plans to come with some special offers on home loans in the near future.

The bank had seen a 23.40 per cent growth in its home loan portfolio in the quarter ended September 30.

On the back of a healthy growth in net interest income and core fee income, State Bank clocked a 10.19 per cent jump in its standalone net profit at Rs 2,490-crore in Q2 FY 10.

SBI witnessed a healthy credit growth of 16.39 per cent in the quarter and is optimistic about achieving a growth rate of 22 per cent for the full financial year.

The lender’s advances grew to 5,80,237-crore, up 16.39 per cent, as compared to Rs 4,98,513-crore in Q2 last fiscal.

Its car loans grew by 44.45 per cent in the quarter, large and mid-corporate loans and education loans grew by 14 per cent and 42.23 per cent respectively.

Keywords: SBIhome loan rates

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