PNB Housing Finance raises the benchmark rate for retail housing loans | Personal finance news
New Delhi: PNB Housing Finance raised its benchmark rate for housing and non-housing retail loans by 35 basis points.
The increase in the benchmark retail lending rate will take effect on May 9, 2022.
“PNB Housing is increasing its benchmark retail lending rate on home and non-home loans, against which its variable rate loans are benchmarked, by 35 basis points, effective May 9, 2022,” according to a regulatory filing. .
Personal and corporate loans form the asset base of PNB Housing Finance. The retail division focuses on massive housing finance for the purchase or construction of homes. It also offers real estate loans as well as loans for the purchase and construction of non-residential buildings. Developers, business term loans, and rent discounting are the most common uses for business loans.
The increase in the benchmark retail lending rate follows the RBI’s 40 basis point increase in the benchmark repo rate to 4.40%. The Standing Deposit Facility (SDF) rate was also kept at 4.15%, while the Marginal Standing Facility (MSF) rate and the Bank Rate were both set at 4.65%.
PNB Housing has further announced on its website that the Repo Linked Lending Rate (RLLR) will be 6.90% for existing customers from June 1, 2022. The RLLR, on the other hand, will come into effect on May 7. 2022 for new consumers.
Shares of PNB Housing were trading at 347.80 on the BSE last Friday, down 3.5%.