PNB is one of the best bank for all the banking needs. It comes under the ownership of Ministry of finance, Government of India, headquartered in New Delhi, India. It gives a wide range of services including credit card, loans, savings account etc.
Home Loans Benefits and Features (Provided by the PNB) :
- Very wide variety of home loan schemes are available.
- Loan amount is up to Rs 1 crore.
- Loan tenure up to 30 years.
- There is no extra fee charged by the bank.
PNB reduces Home Loan interest rate :
Now there is a chance for those who want to take a home loan. Now you can get a cheaper home loan to fulfil your dream.
From June 1, Punjab National Bank Home Loan has gone cheaper. PNB reduces its Marginal Cost Of Funds Based lending Rates (MCLR).
1 year of MCLR has been reduced by the PNB.PNB has reduced the MCLR by 0.05% to 7.30%. The new MCLR rates applied from June 1, 2021 (said by the PNB in a regulatory filing).
Basically, the Marginal Cost Of Funds Based lending Rates (MCLR) is the credential rate for banks fixed by the Reserve Bank Of India(RBI). MCLR defines a particular interest rate on various kinds of loan provided by the bank. It is applied by RBI on June 1, 2016.
The six-month and three-month tenor MCLRs are also get reduced by 0.10% (from 7.10% to 7.00% and 6.90% to 6.80% respectively). While, Overnight, One-month and Three-years MCLRs tenor remains unchanged.
| Serial No | MCLR Tenor | Reduced MCLR Tenor |
| 1. | Overnight | 6.65% to 6.65% (no change) |
| 2. | One-Month | 6.70% to 6.70% (no change) |
| 3. | Three-Month | 6.90% to 6.80% (reduced by 0.10%) |
| 4. | Six-Month | 7.10% to 7.00% (reduced by 0.10%) |
| 5. | One-Year | 7.35% to 7.30% (reduced by 0.05%) |
| 6. | Three-Years | 7.60% to 7.60% (no change) |
The Home Loan Base rate remains unchanged (6.65%) and RLLR at 6.80%, informed by the PNB.