PNB Housing Finance cuts retail lending rates for existing customers

Punjab National Bank (PNB) Housing Finance Limited announced that it has reduced its retail lending rates including home loan as well as loan against property by 15 basis points, with effect from today.

The housing finance company informed that this benefit will be provided to all its existing customers who have availed the loan before February 2020 on floating rates i.e. loan that does not have a fixed rate of interest.

The step has been taken to provide relief and extend support to them amid the ongoing nationwide lockdown.

Interim Managing Director & CEO of the company, Neeraj Vyas said that the step has been taken following RBI’s policy of rate cuts by 75 bps. He added by saying that rate cuts along with three months of loan moratorium will ease the burden of retail customers and drive growth in the housing sector.

Headquartered in New Delhi and registered with National Housing Bank (NHB), the company offers housing and non-housing loans and also, gives construction finance loans to real-estate developers for residential housing.

At the time of market closing on Friday, the stock of PNB Housing Finance Ltd was trading at Rs 179.45, up by 0.62 per cent against its previous close of Rs 178.35. Its 52-week high is Rs 885.00 while, its 52-week low is Rs 146.00 on BSE.