PNB cuts interest rate by 0.5 percent on home loans above Rs 50 lakh

PNB Home Loan: A day after State Bank of India and Bank of Baroda announced new offers for the festive season, Punjab National Bank (PNB) on Friday slashed the interest rate on home loans above Rs 50 lakh by 0.50 per cent to Rs 6.60 per cent. percentage is done.

0.50 percent deduction on home loan

“As part of several offers launched by Punjab National Bank during the festive season, PNB has slashed the interest rate by 0.50 per cent on home loans above Rs 50 lakh,” the bank said in a statement. It said, “PNB has announced that now the home loan of any amount will be available at the rate of 6.60 percent.”

The public sector bank said that the interest rate would be linked to the credit score of the applicant. According to the statement, “The above rate is also applicable for transfer of outstanding loans and is the lowest among public sector banks.” Earlier in the day, the bank had also announced a reduction in the repo based loan rate by 0.25 percent to bring it to 6.55 percent.

PNB sent information to the stock market

The bank has said that it has already offered complete exemption from service charge, processing fee on housing, vehicle, personal, pension and my property loans. “The Repo Linked Lending Rate (RLLR) has been reduced from 6.80 per cent to 6.55 per cent with effect from September 17, 2021 (Friday),” PNB said in the information sent to the stock exchange.

RLLR was introduced in October 2019. It is a floating rate based personal or retail loan, which is linked to an external benchmark, such as the Reserve Bank of India (RBI) repo rate. Repo is the rate at which RBI lends to commercial banks for their short-term needs. With the festive season approaching, many banks are cutting interest rates on housing and retail loans.

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