PNB cuts housing rates to 8.50 per cent

The Punjab National Bank has slashed the floating home loan rates to 8.5 per cent from February 10.

The rate would be applicable for a tenure of five years. While the new floating rate would be 9 per cent for 5-10 year loans, the next tenure of 20-25 years would attract an interest rate of 10 per cent.

The bank has decided to keep the fixed rate unchanged at 9.25 per cent for loans up to five years, 10.25 per cent for 5-10 years, 10.50 per cent for 10-20 years and 11 per cent for 20-25 years.

HDFC drops home loan rates by 0.5-0.75%