PNB cuts interest rate by 0.50% on home loans above Rs 50 lakh
Public sector leader Punjab National Bank (PNB) on Friday reduced the interest rate on home loans above Rs 50 lakh by 0.50 per cent to 6.60 per cent.
As part of several offers launched by Punjab National Bank during the festive season, PNB has reduced the interest rate by 50 basis points or 0.50 per cent on home loans above Rs 50 lakh, the bank said in a statement. It said that PNB has announced that now the home loan of any amount will be available at an interest rate of 6.60 percent.
The new interest rates of the bank will also be applicable in the case of balance transfer of loans and it is the lowest among public sector banks. Punjab National Bank has also announced to offer top up loans to its existing and balance transfer lenders at attractive rates.
PNB is already waiving off all service charges/processing fees and documentation charges on Home Loan, Auto Loan, My Property Loan, Pension and Gold Loan as part of its Festive Bonanza offer.
At the same time, PNB has cut interest rates on Repo Rate Based Loan (RLLR) by 0.25 percent. PNB has brought it down to 6.55 per cent from the earlier rate of 6.80 per cent. The new rates have come into effect from Friday i.e. 17 September 2021.
