New Delhi: PNB Housing Finance Ltd has announced cut in interest rates on home loans effective from 1 January 2009.
In a press release, the subsidiary of the Punjab National Bank stated that interest on loans amounting to Rs20 lakh was reduced by 1.5% to 1.75%.
Slashed rates would also apply to all existing borrowers since the benchmark rate for all existing floating borrowers have also been reduced.
Rates have been revised for deposits as well. On deposits for 12-24 months the new rate charged will be 9% from previous 9.25% and for 36-84 months 8.75% from 9%.