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Aadhar Housing Finance and UCO Bank enter into co-lending partnership

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

November 11, 2021 8:31 IST | India Infoline News Service
Aadhar Housing Finance Ltd. & UCO Bank have entered into a co-lending agreement to offer Home Loans at competitive interest rates. Through this partnership, 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.

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

Speaking on the occasion, Deo Shankar Tripathi, MD & CEO, Aadhar Housing Finance said, “UCO Bank’s wide reach & trust in the market, coupled by our own network and digital, state-of-the-art IT infrastructure, improved control and underwriting functions, and increasing customer reach and distribution capability; will help provide efficient and economical Home Loan solutions to a wide gamut of customers across geographies, socio-economic groups and yield spectrum, to enable optimum growth.”

Speaking on the occasion, Atul Kumar Goel, MD & CEO, UCO Bank said, “Home Loan Penetration in India at around 10% 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.

With Aadhar Housing Finance’s network of more than 300 Branches covering 12,000+ locations, UCO Bank, through this strategic partnership, aims at achieving Co-Lending Model’s objective of improving flow of Credit to unserved and underserved sectors of economy by providing affordable Home Loans to economically weaker, Low  and Middle Income groups.”

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