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PNB Housing Finance cuts floating home loan rates

PNB Housing Finance cuts interest rates on floating home loans for new borrowers

Apnaloan.com Research Bureau

08 Feb 2008

Punjab National Bank Housing Finance (PNB) has slashed home loan rates by 50 basis points for new loan takers, with immediate effect. 

The current floating interest rate on home loans up to Rs.10 lakh is 11.50 per cent and for loans above Rs.10 lakh is 11.25 per cent. The interest rates are applicable for home loans up to 20 years.

So, the revised interest rate on home loans up to Rs. 10 lakh for 20 years is 11 per cent and above Rs. 10 lakh is 10.75 per cent.

Fixed rate for loans up to Rs. 10 lakh for 20 years stand at 12.75 per cent and is 12.50 per cent for loans above Rs. 10 lakh.

For home loans up to 15 years, the current floating interest rate 11.25 per cent and the new borrowers are offered an interest rate of 10.75 per cent, for loans up to Rs. 10 lakh. For loans above Rs. 10 lakh for the same tenure, the current interest rate is 11 per cent, revised to 10.50 per cent.