New Delhi, Nov 15: PNB Housing Finance, a wholly owned subsidiary of Punjab National Bank has reduced interest rates under festival offer to 7.75 per cent on all loans up to 20 years which are up to 200 basis points less than the usual rates. The rates at monthly reducing balance under floating rate scheme will be valid upto November 30 this year, a company release said adding the EMI (equated monthly installment), for 20 years loan at 7.75 per cent is Rs 820 per lakh. Bureau Report