New Delhi: Home Loan gets cheaper! If you are seeking to buy your dream home, you have a reason to cheer as Punjab Home Loan (PNB) Home Loan has go cheaper from June 1. PNB has slashed the MCLR interest rates. This has resulted into cutting down of PNB Home Loan interest rates. MCLR interest rate is considered as the pivotal deciding factor for home loan interest rates.
Home Loan Interest Rates
PNB has reduced 1-year Marginal Cost of Funds Based Lending Rate (MCLR) by 0.05 per cent. The new MCLR is 7.30 per cent. The revised MCLR rates came into effective from June 1, 2021, PNB
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had said in a regulatory filing. Apart from one-year, PNB has reduced six-month and three-month tenor MCLR by 0.10 per cent. Meanwhile, the bank has kept one-month, overnight, and three-year MCLRs at same level.
PNB Home Loan Interest Rates 2021
PNB overnight MCLR TENOR remains at 6.65 per cent per annum. One-month MCLR TENOR has been kept at 6.70 per cent per annum. Three-month MCLR TENOR has been reduced to 6.80 per cent. The six-month MCLR TENOR has been slashed to 7.00 per cent. One MCLR TENOR has been reduced at 7.30 per cent. Three-year MCLR TENOR has been kept at 7.60 per cent.
However, PNB has not changed its Home Loan Base Rate, which remains at 8.65 per cent, and RLLR at 6.80 per cent, according to a report by Zee News.
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It must be noted that MCLR system was started from April 1, 2016. The system was put in place to check banks and lenders charging interest rates higher than the decided ones by the Reserve
