mumbai the new home loan scheme from state bank of india sbi offering loans at 8 for the first year has shaken up the countrys mortgage industry while central bank of india another psu bank has followed sbis footsteps and has launched a similar scheme a number of mortgage lenders are going through the fine prints of the 8 scheme while sbis new offer at 8 indeed looks attractive industry players pointed out a housing loan scheme should be seen over its tenure in this case an sbi spokesperson clarified that after one year customers under this new scheme will move over to a rate as per its card prevailing rate at the time of disbursement of the loan so how does this offer work on a comparative basis at present there is one home loan scheme from hdfc that offers 975 rate while another one from another private bank offers the same rate but only for loans of not more than rs 5 lakh speaking to toi a spokesperson for hdfc said that on the face of it an interest rate of 8 certainly looks to be an attractive proposition but one needs to be fully aware that it is just for a year and the rate is much higher for subsequent years hence the exact arithmetic is important to be understood the spokesperson said the fact that interest rates on deposits are around the same levels and interest rates in general are higher is a sufficient indication even to a layman that he needs to understand the scheme fully the hdfc official added however officials at icici bank one of the three major players in the mortgage market declined to comment on sbis 8 offer