The largest lender of the country, State Bank of India has announced an extension in its concessional interest rates which it was offering on home loans till December this year.

The scheme offers home loan borrowers a discounted interest by 25 bps over the prevailing interest rates.

"A concession of 0.25 per cent in the card interest rate over the tenor of the home loan is available under the ongoing special home loan campaign up to December 31," read a notification by the bank.

The scheme would offer 10.5% interest for loans upto Rs 30 lakh rather than 10.75%. For a loan between Rs 30 lakh to Rs 75 lakh, the interest would be 10.75%.

With competitive peers like HDFC and ICICI Bank introducing dual rate home loans to attract borrowers, SBI decided to give an extension to its concessional rate scheme.