SBI not to change home loan rates immediately

State Bank of India on Wednesday said it did not have any immediate plans to revise its home loan rates, including that of the 8 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 8 per cent fixed interest rate for loans up to Rs 500,000 for five years.

It also offers loans up to Rs 50 lakh (Rs 5 million) 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.