New Delhi, Nov 10 (PTI) Aadhar Housing Finance and UCO Bank entered into a co-lending agreement to offer home loans at competitive interest rates.

The aim is to reach out to a large section of society for providing easy, convenient, and efficient home finance solutions to customers from the economically weaker, lower and middle-income groups, Aadhar Housing Finance said in a statement on Wednesday.

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The co-lending framework facilitated by the Reserve Bank of India (RBI) allows banks and non-banking companies to collaborate, leverage on their respective strengths to provide affordable solutions to the unserved and underserved sections of the society.

Deo Shankar Tripathi, MD and CEO of Aadhar Housing Finance, said, "UCO Bank's wide reach and trust in the market, coupled by our own network and digital, state-of-the-art IT infrastructure...will help provide efficient and economical home loan solutions to customers across geographies, socio-economic groups and yield spectrum."

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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 PMAY, reduction in GST on affordable housing and stamp duty cuts, etc, are expected to give a fillip to affordable housing especially in tier-2 and smaller centres," the statement said.

Aadhar Housing Finance has a network of more than 300 branches covering 12,000 plus locations.

Through this strategic partnership, UCO Bank aims at achieving the co-lending model's objective of improving flow of credit to unserved and underserved sectors of the economy by providing affordable home loans, the statement added. HRS hrs

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