UCO Bank enters co-lending deal with Aadhar Housing Finance

Kolkata-based UCO Bank on Wednesday entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates, a bank spokesman said.

The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society, he said.

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The co-lending framework of the Reserve Bank of India provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

Speaking on the occasion, UCO Bank MD and CEO Atul Kumar Goel said, ?Home loan penetration in India at around 10 per cent is one of the lowest globally."

Pandemic induced demographic changes, initiatives taken by central and state governments such as Pradhan Mantri Awas Yojana, reduction in GST on affordable housing and stamp duty cuts are expected to give a fillip to the affordable housing sector especially in Tier-2 and smaller centres, he said.