Mumbai, Nov. 4: The State Bank of India today said that it might not immediately withdraw its tempting offer of home loans at an interest rate of 8 per cent for the first year of the repayment period.

Though the scheme was earlier scheduled to last till November 7, the country’s largest lender might extend it till the end of this year. However, this could not be confirmed as senior officials of the bank were not available for comment.

The SBI said in a terse statement that it had “no immediate plans to revise the interest rates on home loans’’.

Under the scheme, customers are required to pay a fixed rate of 8 per cent for loans of up to Rs 5 lakh for five years.

Loans of up to Rs 50 lakh carry an interest rate of 8 per cent for the first year and 8.5 per cent for the second and third years. Subsequently, it will be linked to the bank’s prime lending rate.

Sources told The Telegraph that the scheme had been a huge success, and the bank had sanctioned 1.69 lakh housing loans since February. The total amount sanctioned under the scheme stands at Rs 17,537 crore.

“It has been a game-changer and in the first half itself, the growth rate is close to 31 per cent,’’ the source said.

He said that much would depend on the meeting of the asset liability committee of the bank, which would take place shortly.