One may have only six days left to avail the most competitive home loan offer as State Bank of India's (SBI) much-hyped eight per cent home loan scheme expires coming Saturday.

" We revolutionized the market with our eight per cent scheme," said OP Bhatt, chairman of SBI.

Although the management is yet to take a call on whether to renew the scheme or not, experts say that given the current interest rate environment it is less likely that the bank will extend this scheme.

The Reserve Bank of India last month minced no words to convey that the price of credit is due to rise gradually, as the banks' cash reserve ratio (CRR) may be increased in the near future to suck excess liquidity out of the system.

But, with the bank looking to maintain spreads at over two per cent and increasing NIMs by 10 bps per quarter, the scheme may not be sustainable.

Sandesh Kirkire, CIO of Kotak Mutual Fund, said, "Seeing the tone of the policy, I think interest rates will rise shortly. We could see hardening of interest soon."

SBI registered a handsome 23 per cent YoY growth in home loans and saw the contribution of home loans to retail portfolio rise to more than 50 per cent in Q2 of this fiscal, thanks to this lucrative scheme.

The end of the SBI scheme may also see other banks like Punjab national Bank and Union Bank, who had joined the home loan wars call off their offers.

Meanwhile, for those who are still waiting to buy their dream home, days of cheap home loans are clearly drawing to a close.