PNB cuts housing

Mumbai, Sept 22 (UNI) The public sector Punjab National Bank (PNB) has announced a 0.25 per cent cut on floating home loan rates for the festival season effective tomorrow.

The Bank's press release said it has also halved the processing fees on home and car loans, has waived the documentation charges for the special offer. ''A reduction of 0.25 per cent is offered under bank's housing loan scheme (floating option) for all tenor of repayments up to 20 years,'' it said.

Accordingly, housing loan is now available at 8.5 per cent, 8.75 per cent and 9 per cent for repayment up to five years, above 5 years to 10 years, and above 10 years and up to 20 years, respectively.

It has also reduced interest rates on car loans by 0.25 per cent to 8.5 per cent for maturities up to 5-7 years.

With interest rates hardening, PNB had raised home loan rates by 0.5 per cent and the prime lending rate by 0.25 per cent on August 1.

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