PNB hikes home loan rates by 50bps

Punjab National Bank (PNB) today announced 0.5% hike in home loan rates and 0.25% increase in other lending rates.

"Interest rate on housing loan is hiked by 50 basis points (0.5%) while the benchmark prime lending rate (BPLR) has been raised by 25 basis points to 11.50%," a senior bank official said.

The new lending rates are effective from today.

The move means that floating home loan interest rates have gone up to 8.75% for a maturity period of up to 5 years, to 9% for 5-10 years, to 9.25%for 10-20 years and to 9.75% for 20-25 years. Similarly, fixed home loan rates has gone up to 10% for loans up to 5 years.