New Delhi, July 21: Punjab National Bank today slashed floating interest rate to 7.75 per cent for home loans upto five years while it has pegged as low as 7.75 per cent under its 'Finbasket' scheme. The PNB Finbasket scheme, which combines home loans, car loans and personal loan, offers 8.25 per cent for 5-10 year loans while it would be 9.25 per cent for 10-20 years and 9.75 per cent for above 20 years. The floating rate for 5-10 year years loans has been pegged at 8.75 per cent while it will be 9.25 per cent for 10-20 years and 9.75 per cent for over 20 year loans, the bank said in a release. The minimum Estimated Monthly Installment (EMI) has come down to Rs 880 per lakh.

While slashing the floating and Finbasket loan rates, PNB has kept the rates for fixed option unchanged at 9.25 per cent for loans upto five years, 10.25 per cent for 5-10 years, 10.50 per cent for 10-20 years and 11 per cent for over 20 years.

Additional benefit in the form of 0.25 per cent lower rate and a 10 per cent margin would be charged to women borrowers.
Bureau Report