The country’s second largest public lender, Punjab National Bank (PNB) has offered to grant home loans at floating interest rates up to 2.5 percent below the prevailing Public Lending Rate (PLR) till the end of 2009 under its flagship scheme.
The loan amount for the offer has been raised from prevailing Rs.20 lakhs to 50 lakh, while the processing fee and documentation charges have been done away with.
The bank has also offered to disburse loans at a fixed interest rate of 8.5 percent while slashing the margin from 30 per cent to 15 per cent payable by the customer.
“This measure has been taken to ensure credit to borrowers at a lower rate during the festive season for borrowing period of three years,” PNB said.
