Leading PSU bank, Punjab National Bank has reduced home loan rates to 8.5% as a festive offer. These rates are teaser rates to entice increasing number of customers to the bank and its offerings.
The new rate is fixed for 3 years for loans valued upto Rs 50 lakh.
PNB said, “Under the offer, housing loans up to Rs. 50 lakh will be available at discounted rate of interest of 8.50 per cent under fixed interest rate option (fixed for three years) across all repayment tenors”.
Car loans will also be reduced. The new borrowers will get 0.50% rebate on car loans in the fixed segment. The offer is applicable for loans availed between 20th August to 31st December 2010.
The bank’s margins have gone down to 15% from 25% previously for home loans upto Rs 20 lakh.
The popular home and car loan plans of the bank remain same until 30th September.