Sunday, Dec 4 2022 | Time 01:44 Hrs(IST)
Business Economy

Aadhar Housing Finance, UCO Bank in co-lending pact on home loans

New Delhi, Oct 29 (UNI) Aadhar Housing Finance and UCO Bank have entered into a co-lending agreement to offer home loans at competitive interest rates to economically weaker, lower and middle-Income groups.
The partnership, which follows the co-lending framework of the Reserve Bank of India, will provide affordable, easy, convenient and efficient home finance solutions to customers in the under-served sections of the society.
Home loan penetration in India at around 10 per cent is one of the lowest globally. Pandemic-induced demographic changes, initiatives taken by the Central and state governments such as the Pradhan Mantri Awas Yajana, reduction in GST on affordable housing and stamp duty cuts are expected to give a fillip to affordable housing, especially in tier-2 and smaller centres, said Atul Kumar Goel, MD and CEO of UCO Bank.
The two institutions have planned to use their network and infrastructural abilities to serve the objective. The wide network of UCO Bank, coupled by its digital and advanced IT infrastructure, improved control, underwriting function and distribution capability, along with Aadhar Housing Finance’s network of more than 300 branches covering 12,000+ locations, aims at achieving co-lending model’s objective of improving flow of credit to unserved and underserved sectors of the economy.
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