State Bank of India, India's biggest bank has extended its teaser rates by two months. Now they will continue till June 30.

Teaser rates are special concessional home loan rate schemes and were brought in by the bank in order to increase the reach of home loans.

As per the last plans, the deadline for these teaser rates should have ended on April 30. This time was given after it was shifted from March 31.

Talking to a private news agency, PTI a senior official of the bank said that since these rates are very popular and have also helped the bank in keeping up its liquidity, the bank will continue with the teaser loans.

As per the statement from the bank, the teaser rates for the first three years have been retained. For the fourth year onwards, the rates have been reduced a bit.

The rate chart is as such: for one year it is 8 per cent, for third and fourth year it is going to be 9 per cent. Currently, the rate for fourth year and above carries a rate of 10 per cent. But now, loans till Rs. 50 lakh shall be charged 9.25 per cent and anything above will have 9.75 per cent.