PNB Slashes Home Loan Interest Rates for Amounts Above Rs 50 Lakhs
Competitive Rate Offering
In a move to make home loans more affordable, Punjab National Bank (PNB) has announced a reduction in home loan interest rates for amounts above Rs 50 lakhs by 0.50% to 6.60%. This new rate applies across the board, regardless of the maximum loan limit, and is linked to the creditworthiness of the applicant.
Key Highlights of PNB's Festival Bonanza Offer:
- Home Loan Interest Rate: 6.60% for amounts above Rs 50 lakhs
- Applicability: New home loans, balance transfer cases, and existing home loans
- Processing Fee: Complete waiver of service/maintenance fees for home loans
- Comparative Advantage: Lowest among public sector banks
Additional Benefits
PNB is also offering competitive interest rates on other loan products, including:
- Auto/Car Loans: Starting at 7.15%
- Personal Loans: Starting at 8.95%, one of the lowest in the industry
Recent Rate Adjustments
In a related development, PNB reduced its externally benchmarked Repo-Linked Lending Rate (RLLR) by 0.25% to 6.55% effective September 17, 2021. This change reflects the bank's effort to align with the Reserve Bank of India's (RBI) repo rate adjustments, introduced in October 2019.
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