Country’s biggest lender State Bank of India has lengthened its special home loan scheme at 8% rate of interest by more than 4-months till 31st March, 2010. The decision of the bank would help small home loan receivers.

SBI, which offer the special plan under `My Home Campaign` is providing 8 per cent fixed rate of interest for five years for loans amounting Rs 5 lakh, having an upper limit of 10 years.

Initially, the plan was slated to close this Saturday.

For loans over Rs 5 lakh to Rs 50 lakh, rate of interest has been finalized at 8 per cent in the initial year and 8.5 per cent in second and third years.

Apart from latest development, SBI is also providing SBI Max Gain, under which it provides home loan as overdraft with saving interest option.

Moreover, SBI is also providing SBI Advantage Home Loan carrying a fixed rate of interest of 8% in the initial year and 9% during second and third years.