The day after the SBI and Bank of Baroda announced the festival’s seasonal bonanza, the Punjab National Bank on Friday lowered home loan interest rates for above Rs 50 lakhs by 0.50% to 6.60%.

PNB announced in a statement that interest rates on home loans are now offered at 6.60 percent, regardless of the maximum limit. In a series of proposals issued by the Punjab National Bank during the festival season, PNB has lowered the interest rate above Rs 50 lakhs by 50 basis points (0.50%). The rate will be linked to the creditworthiness of the applicant.

The bank said in a statement, “This rate also applies to balance transfer cases and is the lowest among public sector banks.” 

Waiver on Processing fees-

In addition, it will offer additional home loans at a reasonable interest rate for both balance transfer cases and existing ones.

PNB said it is already offering a complete waiver of service / maintenance fees for home, car, private, myProperty and gold loans as part of its Festival Bonanza offering. One of the lender said, home loans will be more affordable for customers due to full exemption from service fees and a low interest rate starting at 6.60 percent.

While the auto/car loans start at 7.15 percent, personal loans start at 8.95 percent, one of the lowest in the industry. Earlier in the day, PNB also reduced its externally attached RLLR by 0.25 percent to 6.55 percent. “The repo-linked lending rate (RLLR) has changed from 6.80 percent to 6.55 percent from September 17, 2021 (Friday).”

RLLR was introduced in October 2019. It is a personal or retail loan based on a variable interest rate that is linked to external benchmarks such as Reserve Bank of India (RBI) repo rate.

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