PNB Housing Finance cuts lending rates by 15 bps for existing customers

Mortgage financier PNB Housing Finance on Friday announced reduction in retail lending rates, including individual home loans and loans against property, by 15 basis points for its existing customers, effective from May 9, 2020.

This reduction is for all existing retail customers who have availed the loan before February 2020 on floating rates, a release said.

"We have decided to take this initiative to help our customers to overcome this pandemic and drive growth in the housing sector. With this, over 235,000 of our customers will be positively impacted irrespective of their base loan amount," PNB Housing Finance Managing Director and CEO Neeraj Vyas said.

The company offers its retail customers housing and non-housing loans.

It also gives construction finance loans to real estate developers for residential housing.