Kolkata-based UCO Bank had entered a co-lending deal with Aadhar Housing Finance to provide home loans at competitive prices.

A UCO Bank spokesman told the media that the partnership aims to render easy and convenient home finance solutions to buyers from the economically weaker sections of society.

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

Atul Kumar Goel, UCO Bank MD and CEO, on the occasion, said that home loan penetration in India at about 10% is one of the lowest globally.

Demographic changes, initiatives taken by central and state governments like Pradhan Mantri Awas Yojana, a decrease in GST on affordable housing and stamp duty reductions due to the pandemic are likely to provide a fillip to the affordable housing sector particularly in Tier-2 and smaller centres, he said.

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