PNB Housing cuts interest rates on loans
By Our Banking Bureau | 09 Jul 2002
New Delhi: PNB Housing Finance Ltd has reduced the interest rates on home loans for resident and non-resident Indians by 25 basis points for different slabs.
For the seven-year fixed rate loan, the interest will now be 10.25 per cent per annum as against the earlier 10.50 per cent. The interest rate has been reduced from 11.50 per cent to 11.25 per cent for the 15-year loan up to Rs 25 lakh.
For flexi-loan (a combination of fixed and floating-rate schemes), the rate of interest has been reduced from 11 per cent to 10.75 per cent for the three-year interest option period. For the one-year interest option period, the rate has been fixed at 11 per cent, and for five years it has been set at 11.25 per cent.
The reduction of interest rates has been considered consequent to the reduction in refinance rate effected by the National Housing Board.