PNB Housing Finance cuts retail lending rates by 15 basis points

New Delhi: PNB Housing Finance Ltd, part of public sector Punjab National Bank, has cut retail lending rates by 0.15 percentage points.

The new rates will be applicable for individual home loan and loan against property also. The new rates will come into effect 9 May 2020, the company said in a statement.

The reduction will benefit all existing retail customers who have taken a loan before February 2020 on floating rates. 

"We welcome RBI's policy rate cuts by 75 bps. We are confident that the rate cut along with the three months of moratorium will ease the debt burden of the retail customers and stimulate healthy growth sentiment while confronting the unprecedented pandemic. We have decided to take this initiative to help our customers to overcome this pandemic and drive growth in the housing sector. With this over 2.35 lakh customers of our company will be positively impacted irrespective of their base loan amount," said Neeraj Vyas, Managing Director and CEO, PNB Housing Finance.