PNB housing arm cuts lending rate by 50 bps

Soon after public sector lenders like Canara Bank and Allahabad Bank reduced home loan rates, PNB Housing Finance (PNBHF), a subsidiary of Punjab National Bank, today reduced its lending rate by 50 basis points.

PNBHF today said the reduced rate would be applicable to new borrowers with immediate effect.

The company has reduced the rate in view of the softening interest rate scenario, an official release said.

The company has reported a growth of 76% in net profit after tax at Rs 28.87 crore for the nine months ended December 31, 2007 when compared with Rs 16.40 crore in the corresponding period of the last fiscal. Total income increased 51% to Rs 159.97 crore in the period under review from Rs 106.14 crore in the same period of the previous fiscal.