Offer from PNB Housing Finance: Cuts Retail Lending Rates

One of India’s leading mortgage financiers PNB Housing Finance has reduced the retail lending rates, which also includes lending rates on individual home loans and loans against property, by 15 basis points for its existing customers. This reduction in lending rates is valid for all the existing retail customers who have taken the loan before February 2020 on floating rates.

According to Mr. Neeraj Vyas  (Managing Director and CEO of PNB Housing Finance), this is a step towards a new initiative has been taken to help our customers in overcoming this pandemic and to further drive growth in the housing sector. With this reduction in PNB home loan interest rates, over 2.35 lakh customers of PNB Housing Finance will be benefited irrespective of their base loan amount,”

PNB Housing Finance has its headquarters in New Delhi and is registered with National Housing Bank (NHB). It offers various housing and non-housing loans as well as provide loans for financing construction projects to real-estate developers for residential housing.

The various features of different products of PNB Housing Finance are:

1. Home Leans for Salaried and Self-Employed

Features:

  • Doorstep Service is provided along with a dedicated relationship manager to make your application process extremely smooth
  • Flexible loan tenures of up to 30 years can be availed
  • Prepayment and foreclosure can be done without incurring any additional charges
  • You can avail loan amount of up to 90% of your property cost
  • Numerous repayment options are available
  • Customized eligibility programs to help people from all strata of the demography

2. Loan against Property

Features

  • Personalized doorstep service with a dedicated relationship manager to make your application process extremely smooth
  • Flexible loan tenures of up to 30 years can be availed
  • You can avail a loan amount of up to 60% of your property cost
  •  Customized eligibility programs to help people from all strata of the demography
  • Numerous repayment options

3. Fixed Deposits

Features:

  • PNB Housing Finance is the 2nd Largest deposit taking Housing Finance Company  in India in terms of deposit book size
  • Watch your money grow and create wealth at high-interest rates of up to 8.70%
  • With a CRISIL rating of AA+/Negative be assured of the safety of your capital
  •  You can avail loan of up to 75% of the total deposit available

 Why did the Rate Cuts Happen?

This move by PNB Housing Finance to cut down the lending rates is in line with the state of the economy and the impact of COVID-19 on it. The real estate sector is one of the worst-hit in this pandemic with constructions being stopped in the middle of the project and people fleeing the large metropolitan cities due to loss of jobs. The interest rates in the banking sector have also been facing a downward momentum following the huge cuts made by the Reserve Bank of India in repo rates. These cuts in the interest rates have made it inevitable for other financial institutions like PNB Housing Finance to cut rates and help the sector revive itself to its former state.