PNB extends special home loan offers

PNB extends special home loan offers
The Economic Times, December 18, 2009, Page 9

NEW DELHI: The country’s second largest public sector lender, Punjab National Bank (PNB), extended the festival offer of discounted interest rates on housing loans to borrowings up to Rs 50 lakh from Rs 30 lakh. “Punjab National Bank has announced extension of housing loan coverage from Rs 30 lakh to Rs 50 lakh under its festival bonanza offer 2009. PNB charges discounted interest rate of 8.50% for fixed loans,” the bank said in a statement. This fixed rate would be valid for the first three years up to December 31, 2012, it said. The offers would be valid till the end of this month. In subsequent years, the bank will charge 2-2.5% below the benchmark prime lending rate under the floating option, it said. Besides this, the bank would also offer complete waiver of processing fee and documentation charges. The margin on housing loans up to Rs 20 lakh has also been slashed to 15%.