PNB extends low-rate home loans till December end

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State-run Punjab National Bank on Thursday said it was extending an offer of cheaper rates on some home and car loans till end-December.

India's No 3 lender had earlier offered home loans below Rs 3 million at a fixed interest rate of 8.5% for the first three years and up to 2.5% below the benchmark prime lending rate for the remaining tenor.

An earlier cut in car loan rates by 50 basis points would also run till the year end, PNB said in a statement.

Media have reported banks like PNB and larger peer State Bank of India plan to withdraw by the year end such special schemes as interest rates look set to harden.