PNB Housing Finance Limited, 4th largest Housing Finance Company in India, has reduced its retail lending rates including individual home loan and loan against property by 15 basis points with effect from 9th May 2020. This benefit is provided to all its existing retail customers who have availed the loan before February 2020 on floating rates and will provide support and relief to them in the wake of the Covid-19 lockdown.
Mr. Neeraj Vyas, Managing Director, and CEO, PNB Housing commented, “We welcome RBI’s policy rate cuts by 75 bps. We are confident that the rate cut along with the three months of the 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.”
The Company offers its retail customers “housing and non-housing loans”. The Company is also into construction finance loans to real estate developers for residential housing.