PNB has cut the interest rate on home loans above Rs 50 lakh by 50 basis points (100bps = 1 percentage point). The bank will offer credit score-linked home loans starting from 6.6% irrespective of any upper ceiling limit. The rate is applicable to balance transfer cases and is the lowest among public sector banks.
PNB is already offering a full waiver of service charges and processing fees on most personal loans under a festival bonanza offer. The bank’s car loan starts from 7.15% and personal loan to public from 8.95%.
Bank of Baroda is offering waiver of 0.25% in the existing applicable rates for its home and car loans across the board. In addition, the lender is offering waiver of processing fee in home loans. Following the reduction, home loan rates start at 6.75% and car loan rates at 7%.