PNB cuts home loan rate by 0.25%

Punjab National Bank (PNB) today announced a 0.25% cut on floating home and car loan rates for the festival season with effect from tomorrow.

The public sector bank has also halved the processing fees on home and car loans, had waived the documentation charges for the special offer.

"A reduction of 0.25% is offered under bank's Housing Loan Scheme (Floating Option) for all tenor of repayments up to 20 years," an official statement issued by the bank said.

Housing loan is now available at 8.5%, 8.75% and 9% for repayment up to five years, above 5 years to 10 years, and above 10 years and up to 20 years, respectively.

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

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