Mumbai: Close on the heels of HDFC Bank, State-owned State Bank of India (SBI) hiked fixed interest rates on home loans by 0.25-0.50 per cent while keeping the floating interest rates intact.

For loans with up to five years maturity, interest rates have been increased by 0.25 per cent to 8 per cent from the current rate of 7.75 per cent, the bank informed the Bombay Stock Exchange.

Interest on loans with maturity of 5-15 years has been increased by 0.50 per cent to 8.75 per cent from the existing 8.25 per cent.

For loans with maturity period above 15 years and up to 20 years, interest rates have been increased by 0.50 per cent to nine per cent from the current 8.50 per cent.

The revised fixed interest rates for fresh housing loans or switch over of floating rate loans to fixed rate loans would apply with immediate effect, SBI said.