As part of its schemes for the festive season, leading public sector bank, Punjab National Bank has offered to grant home loans at floating interest rates up to 2.5 percent below the prevailing Public Lending Rate till the end of this year.
All processing fee and documentation charges have been done away with and the loan amount for the offer has been raised from Rs.20 lakhs to 50 lakh. The bank is also planning to disburse loans at a fixed interest rate of 8.5 percent while also slashing the margin from 30 per cent to 15 per cent payable by the customer.
According to a statement issued by the bank, “This measure has been taken to ensure credit to borrowers at a lower rate during the festive season for borrowing period of three years.”
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