Mumbai: Leading housing finance company in the country, PNB Housing Finance hiked the housing and non-housing retail lending reference rate by 35 basis points. The new rate will come into force from today.
PNB Housing also announced that the repo linked lending rate (RLLR) will be 6.90% for existing clients starting June 1, 2022. For new customers, the RLLR will take effect on May 7, 2022.
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The decision was taken as the Reserve Bank of India (RBI) hiked the repo rate to 4.40%. Repo rate is the rate at which RBI lend money to banks in the country.
The asset base of PNB Housing Finance is retail and corporate loans. The retail division focuses on mass housing financing for the purchase or construction of homes. It also offers loans against properties as well as loans for the purchase and construction of non-residential buildings. Developers, corporate term loans, and lease rental discounting are the most common uses for corporate loans.
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