Despite Indian economy being in the doldrums, home loan market have been red-hot in recent times. Credit goes to State Bank of India, country’s largest lender, who started it all precisely an year ago when they announced an innovative housing loan scheme, being offered to people at a meager 8 percent interest rate thus setting the ball rolling. Applauded for their daredevilry, the innovative step did manage to grab many eyeballs besides, creating ripples in stagnant loan market.

SBI’s daring initiative didn’t go down well with loan industry, but the need of something-to-be-done quickly prompted other banking players to come up with schemes on the similar lines of