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PNB
Housing cuts lending rates
Our Banking Bureau
19 October 2001
 Mumbai:
PNB Housing Finance, a wholly-owned subsidiary of Punjab National
Bank, has lowered its housing loan rates by 25 to 50 basis points
for different slabs.
The revised rates for the seven-year loan are 11.75 per cent, for
loans up to Rs 15 lakh. For loans in the range of Rs 15 to 25 lakh,
the rate is 12 per cent and for loans above Rs 25 lakh it is 12
per cent.
PNB Housing Finance MD R
Nambirajan said the company has decided to reduce the rates,
although the refinance rates are yet to be cut. "It is the
best time for a customer to avail of a housing loan as the
benefits are manifold in the form of low property prices, tax
benefits and low interest rates."
With the present
reduction of rates, the borrower will be benefited between Rs
12,500 to Rs 43,000 for a loan of Rs 5 lakh for different periods,
Nambirajan said.
 PNB
Housing Finance’s cuts follow the recent cut in lending rates
announced by HDFC and ICICI Bank. With a rate war on, other
housing finance companies are also likely to follow suit and
reduce their lending rates.
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