Rating Rationale
May 29, 2025 | Mumbai
 
Bajaj Housing Finance Limited
Ratings reaffirmed at 'Crisil AAA/Stable/Crisil A1+'
 
Rating Action
Total Bank Loan Facilities Rated Rs.16000 Crore
Long Term Rating Crisil AAA/Stable (Reaffirmed)
 
Rs.12000 Crore Non Convertible Debentures Crisil AAA/Stable (Reaffirmed)
Rs.15000 Crore Non Convertible Debentures Crisil AAA/Stable (Reaffirmed)
Rs.2420 Crore (Reduced from Rs.7000 Crore) Non Convertible Debentures Crisil AAA/Stable (Reaffirmed)
Rs.3178.1 Crore Non Convertible Debentures Crisil AAA/Stable (Reaffirmed)
Rs.9000 Crore Commercial Paper Crisil A1+ (Reaffirmed)
Non Convertible Debentures Aggregating Rs.12009.7 Crore Crisil AAA/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.1000 Crore Crisil AAA/Stable (Reaffirmed)
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

Crisil Ratings has reaffirmed its ‘Crisil AAA/Stable/Crisil A1+’ ratings on the bank loan facilites and debt instruments of Bajaj Housing Finance Limited (BHFL).

 

Crisil Ratings has also withdrawn its rating on Rs 4,580 crore of non-convertible debentures (see the 'Annexure - Details of Rating Withdrawn' for details) at the company’s request and on receipt of independent confirmation that these instruments are fully redeemed. The withdrawal is in line with its Crisil Ratings’ rating withdrawal policy.

 

The ratings continue to factor in expectation of strong financial, operational and managerial support for BHFL from its parent, Bajaj Finance Ltd (BFL: 'Crisil AAA/Stable/Crisil A1+’) both on an ongoing basis, and in the event of distress. The expectation reflects the strategic importance of BHFL to BFL and the strong moral obligation of the latter to support the former. The rating also continues to consider the healthy market position in the mortgage loans as well as comfortable capitalisation metrics. These strengths are partially offset by limited seasoning of the loan portfolio. While the company continues to maintain comfortable asset quality metrics, the ability to continue to maintain asset quality at healthier level amidst seasoning of the portfolio will remain a monitorable.

Analytical Approach

For arriving at the rating, Crisil Ratings has evaluated the standalone business and financial risk profiles of BHFL and has factored in expectation of support that BHFL is expected to receive from BFL, both on an ongoing basis, and in the event of distress given its high strategic importance to BFL as the company’s housing finance arm and the strong moral obligation of the parent to support the same

Key Rating Drivers & Detailed Description

Strengths:

  • Expectation of strong support from BFL: BHFL’s parent, BFL, is a subsidiary of Bajaj Finserv Ltd, the financial services arm of the Bajaj group. In September 2024, BHFL got listed to meet the mandatory listing conditions pursuant to BHFL’s classification as an Upper Layer NBFC. Thereafter, the stake of BHFL in the company reduced to 88.75% from 100% previously.

 

BFL is one of the largest retail asset financiers NBFCs in India. It has a diversified product suite, comprising key businesses such as vehicle loans (two- and three-wheelers manufactured by Bajaj Auto Ltd), consumer durable loans, personal loans, mortgage loans, small business loans, and loans against securities, commercial finance, and rural finance. Crisil Ratings believes BHFL is strategically important to BFL, being its vehicle for growing the mortgage business, which is amongst the key focus areas for Bajaj group. BFL plans to continue to hold a majority stake and is willing to continue to infuse capital, after having infused over ~Rs 9,000 crores from fiscal 2017 till date, to support growth requirements over the medium term. The shared name also enhances BFL’s moral obligation to support BHFL.

 

  • Healthy market position in mortgage loans: BHFL has been in operation since 2017 and within a short period of its operations, BHFL has emerged as one of the largest housing finance companies in India with asset under management (AUM) of Rs 1,14,684 crore as on March 31, 2025, registering compounded annual growth rate of ~79% over fiscals 2018-2025 to reach AUM of Rs 1,14,684 crore as on March 31, 2025. Growth has been supported by the company’s pan-India presence. 

 

As on March 31, 2025, BHFL’s loan book is well diversified; Home loans constituted around 61%, Lease rental discounting was 14%, Developer Financing was 14%, Loan against property was 9% and the balance was Unsecured loans. The management has laid down prudent underwriting practices and focuses on existing customers having exposure to other banks while maintaining geographical diversification in its loan book. According to the management, BHFL will continue to maintain its focus on home loans, which should constitute the majority of overall loan book in the medium term.

 

  • Comfortable capitalization: Capitalisation metrics stood comfortable with networth and gearing of Rs 19,947 crore and 4.9 times respectively as on March 31, 2025 (Rs 12,234 crore and 6.6 times respectively as on March 31, 2024), supported by regular capital infusion by the parent and healthy internal accruals. The improvement in gearing is due to Rs 3,560 crore of equity raised through IPO and fresh capital infusion of Rs 2,000 crores in fiscal 2025. Overall capital adequacy ratio also remained comfortable at 28.2% as on March 31, 2025, and 21.3% as on March 31, 2024.

 

BFL has infused equity regularly with the last infusion of Rs 2,000 crore in April 2024. BFL has also infused Rs 2,500 crore in fiscal 2023, Rs 1,333 crore in fiscal 2020, Rs 2,000 crores in fiscal 2019 and Rs 1,200 crore in Feb 2018. Besides, the company continues to generate healthy accruals, with profit after tax of Rs 2,163 crore in fiscal 2025 as against Rs 1,731 crore in fiscal 2024 and Rs 1,258 crore in fiscal 2023. Thus, Crisil Ratings expects capitalisation to remain healthy supported by steady improvement in internal accruals and regular capital infusion.

 

Weaknesses:

  • Limited seasoning of the portfolio: As BFL’s vehicle facilitating growth in the mortgage business, BHFL has attained significant size and scale, as reflected in its share within overall assets under management (AUM) for the Bajaj group (BFL, at a consolidated level). Consequently, the share of BHFL in the overall Bajaj Finance group’s AUM stood at ~28% as on March 31, 2025.

 

On the asset quality side, the gross non-performing assets continued to remain comfortable at 0.29% as on March 31, 2025, as compared to 0.27% as on March 31, 2024. The credit cost too remained consistently low at 0.1% in fiscal 2025 as well as fiscal 2024 and 0.2% in fiscal 2023. Although asset quality performance has been healthy, a significant proportion of the portfolio has witnessed strong growth over the past few years and remains under-seasoned. While BHFL has demonstrated its ability to manage asset quality, this will be a key monitorable as the portfolio seasons.

Liquidity: Superior

The asset liability maturity (ALM) profile of BHFL remains comfortable as of March 31, 2025. There were no cumulative mismatches in the short-term book (up to six months year; including the committed lines of credit). As on April 30, 2025, the company had liquid securities and unencumbered investments of Rs 2,974 crores and Rs 5,382 crores of committed credit lines from Bank including NHB, working capital demand loan and parent line. This is sufficient to meet debt obligations for the next two months and provides company with liquidity coverage of more than two times for the said period. Furthermore, liquidity is also supported by the expectation of need-based support from the parent.

Outlook: Stable

Crisil Ratings believes BHFL will continue to maintain comfortable capitalization and will benefit from strong financial, managerial, and operational support from BFL over the medium term

Rating sensitivity factors

Downward factors:

  • Downgrade in the credit rating of BFL by 1 notch or higher
  • Any change in articulation of support philosophy by BFL towards BHFL, or adverse material change in ownership structure
  • Significant deterioration in asset quality of BHFL's loan book thereby impacting profitability on a sustained basis

About the Company

BHFL, the housing finance arm of BFL, was incorporated as a wholly-owned subsidiary of Bajaj Finserv Ltd on June 13, 2008. During fiscal 2015, the company became the wholly-owned subsidiary of BFL. On September 24, 2015, BHFL received a Certificate of Registration from NHB to set up its housing finance company. BHFL has been in operation since 2017 and has emerged as one of the largest housing finance companies in India. In September 2024, BHFL got listed to meet the mandatory listing conditions pursuant to BHFL’s classification as an Upper Layer NBFC. Thereafter, the stake of BHFL in the company reduced to 88.75% from 100% previously. As on March 31, 2025,

it had assets under management (AUM) of Rs 1,14,684 crore.

Key Financial Indicators

As on/for the period/ for the year ended as per INDAS

Unit

March 31, 2025

March 31, 2024

March 31, 2023

March 31, 2022

Total Assets

Rs crore

1,02,808

81,827

64,654

48,527

Total income

Rs crore

9,576

7,618

5,665

3767

Profit after tax

Rs crore

2,163

1,731

1,258

710

Gross NPA

%

0.29

0.27

0.22

0.31

Gearing

Times

4.1

5.7

5.1

6.1

Return on managed assets*

%

2.0

2.1

2.0

1.4

*Return on managed assets = Reported PAT divided by average of end year managed assets. Managed assets =Total reported assets + DA (direct assignment)

Any other information: Not applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of the instrument Date of
Allotment		 Coupon
Rate (%)		 Maturity
Date		 Issue size
(Rs.Crore)		 Complexity
Level		 Rating assigned
with outlook
NA Non-Convertible Debentures^ NA NA NA 5170.8 Simple Crisil AAA/Stable
NA Subordinate debt^ NA NA NA 1000 Complex Crisil AAA/Stable
INE377Y07367 Non-Convertible Debentures 23-Sep-22 7.84 23-Sep-32 500 Simple Crisil AAA/Stable
INE377Y07375 Non-Convertible Debentures 09-Nov-22 7.92 16-Mar-26 2,865 Simple Crisil AAA/Stable
INE377Y07383 Non-Convertible Debentures 18-Nov-22 7.98 18-Nov-27 500 Simple Crisil AAA/Stable
INE377Y07391 Non-Convertible Debentures 14-Dec-22 7.83 12-Dec-25 725 Simple Crisil AAA/Stable
INE377Y07409 Non-Convertible Debentures 09-Feb-23 8.04 09-Feb-33 750 Simple Crisil AAA/Stable
INE377Y08092@ Non-Convertible Debentures 31-Jan-20 8.00 07-Feb-35 750 Simple Crisil AAA/Stable
INE377Y08100# Non-Convertible Debentures 13-Mar-20 7.70 09-Mar-35 1050 Simple Crisil AAA/Stable
INE377Y07417 Non-Convertible Debentures 28-Apr-23 7.90 28-Apr-28 500 Simple Crisil AAA/Stable
INE377Y07326 Non-Convertible Debentures 21-Jul-22 7.65 21-Jul-25 1050 Simple Crisil AAA/Stable
INE377Y07334 Non-Convertible Debentures 12-Aug-22 7.42 12-Aug-25 2100 Simple Crisil AAA/Stable
INE377Y07359 Non-Convertible Debentures 08-Sep-22 7.89 08-Sep-32 500 Simple Crisil AAA/Stable
INE377Y07284 Non-Convertible Debentures 29-Oct-21 7.25 29-Oct-31 571 Simple Crisil AAA/Stable
INE377Y07300 Non-Convertible Debentures 23-May-22 7.70 21-May-27 1346 Simple Crisil AAA/Stable
INE377Y07425 Non-Convertible Debentures 26-May-23 7.78 26-May-26 2600 Simple Crisil AAA/Stable
INE377Y07433 Non-Convertible Debentures 01-Sep-23 7.85 01-Sep-28 1350 Simple Crisil AAA/Stable
INE377Y07441 Non-Convertible Debentures 18-Jan-24 8.04 18-Jan-27 1000 Simple Crisil AAA/Stable
INE377Y07458 Non-Convertible Debentures 09-Feb-24 7.80 09-Feb-34 1500 Simple Crisil AAA/Stable
INE377Y07466 Non-Convertible Debentures 16-Feb-24 8.00 16-Feb-26 1000 Simple Crisil AAA/Stable
INE377Y07482 Non-Convertible Debentures 08-May-24 8.10 08-Jul-27 3000 Simple Crisil AAA/Stable
INE377Y07474 Non-Convertible Debentures 08-May-24 8.05 08-May-29 1500 Simple Crisil AAA/Stable
INE377Y07490 Non-Convertible Debentures 09-Jul-24 7.98 09-Sep-26 1,520 Simple Crisil AAA/Stable
INE377Y07516 Non-Convertible Debentures 04-Oct-24 7.56 04-Oct-34 1,750 Simple Crisil AAA/Stable
INE377Y07524 Non-Convertible Debentures 17-Oct-24 RESET RATE 17-Oct-29 1,500 Simple Crisil AAA/Stable
INE377Y07508 Non-Convertible Debentures 15-Jul-24 7.89 14-Jul-34 4,000 Simple Crisil AAA/Stable
INE377Y07532 Non-Convertible Debentures 20-Dec-24 7.66 20-Mar-28 2,175 Simple Crisil AAA/Stable
INE377Y07540 Non-Convertible Debentures 09-Apr-25 7.50 09-Apr-35 1,500 Simple Crisil AAA/Stable
INE377Y07557 Non-Convertible Debentures 02-May-25 7.14 26-Feb-27 1,000 Simple Crisil AAA/Stable
INE377Y07565 Non-Convertible Debentures 26-May-25 7.02 26-May-28 835 Simple Crisil AAA/Stable
NA Commercial Paper NA NA 7-365 Days 9000 Simple Crisil A1+
NA Cash Credit & Working Capital Demand Loan NA NA NA 650 NA Crisil AAA/Stable
NA Proposed Long Term Bank Loan Facility* NA NA NA 11547.13      NA Crisil AAA/Stable
NA Term Loan NA NA 31-Mar-28 1000 NA Crisil AAA/Stable
NA Term Loan NA NA 24-Mar-27 327.79   NA Crisil AAA/Stable
NA Term Loan NA NA 31-Oct-28 2475.08   NA Crisil AAA/Stable

^Yet to be issued
@There has been a change in the terms of instruments and new ISIN have been allotted against old ISIN (New ISIN INE377Y08118 against Old ISIN (INE377Y08092). Crisil Ratings has replaced old ISIN (INE377Y08092) in the rating rationale with new ISIN (INE377Y08118) on the basis of confirmation received from the issuer/ depository portal. 
#There has been a change in the terms of instruments and new ISIN have been allotted against old ISIN (s) (New ISIN INE377Y08126 against Old ISIN - INE377Y08100). Crisil Ratings has replaced old ISIN (INE377Y08100) in the rating rationale with new ISIN (INE377Y08126) on the basis of confirmation received from the issuer/ depository portal. 
*Interchangeable with short term bank facilities

 

Annexure - Details of Rating Withdrawn

ISIN Name of the
instrument		 Date of
Allotment		 Coupon
Rate (%)		 Maturity
Date		 Issue size
(Rs.Crore)		 Complexity
Level		 Rating assigned
with outlook
INE377Y07227 Non Convertible Debentures 28-May-21 5.70 10-Jun-24 1450 Simple Withdrawn
INE377Y07235 Non Convertible Debentures 21-Jun-21 5.60 21-Jun-24 985 Simple Withdrawn
INE377Y07250 Non Convertible Debentures 06-Sep-21 5.69 06-Dec-24 565 Simple Withdrawn
INE377Y07276 Non Convertible Debentures 21-Sep-21 5.75 21-Apr-25 330 Simple Withdrawn
INE377Y07318 Non Convertible Debentures 12-Jul-22 7.42 12-Jul-24 1000 Simple Withdrawn
INE377Y07342 Non Convertible Debentures 29-Aug-22 7.28 29-Aug-24 250 Simple Withdrawn
Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 16000.0 Crisil AAA/Stable 02-04-25 Crisil AAA/Stable 30-05-24 Crisil AAA/Stable 18-12-23 Crisil AAA/Stable 13-09-22 Crisil AAA/Stable Crisil AAA/Stable
      -- 15-01-25 Crisil AAA/Stable   -- 11-12-23 Crisil AAA/Stable 14-07-22 Crisil AAA/Stable --
      --   --   -- 12-10-23 Crisil AAA/Stable   -- --
      --   --   -- 13-06-23 Crisil AAA/Stable   -- --
      --   --   -- 01-06-23 Crisil AAA/Stable   -- --
Commercial Paper ST 9000.0 Crisil A1+ 02-04-25 Crisil A1+ 30-05-24 Crisil A1+ 18-12-23 Crisil A1+ 13-09-22 Crisil A1+ Crisil A1+
      -- 15-01-25 Crisil A1+   -- 11-12-23 Crisil A1+ 14-07-22 Crisil A1+ --
      --   --   -- 12-10-23 Crisil A1+   -- --
      --   --   -- 13-06-23 Crisil A1+   -- --
      --   --   -- 01-06-23 Crisil A1+   -- --
Non Convertible Debentures LT 44607.8 Crisil AAA/Stable 02-04-25 Crisil AAA/Stable 30-05-24 Crisil AAA/Stable 18-12-23 Crisil AAA/Stable 13-09-22 Crisil AAA/Stable Crisil AAA/Stable
      -- 15-01-25 Crisil AAA/Stable   -- 11-12-23 Crisil AAA/Stable 14-07-22 Crisil AAA/Stable --
      --   --   -- 12-10-23 Crisil AAA/Stable   -- --
      --   --   -- 13-06-23 Crisil AAA/Stable   -- --
      --   --   -- 01-06-23 Crisil AAA/Stable   -- --
Subordinated Debt LT 1000.0 Crisil AAA/Stable 02-04-25 Crisil AAA/Stable 30-05-24 Crisil AAA/Stable 18-12-23 Crisil AAA/Stable 13-09-22 Crisil AAA/Stable Crisil AAA/Stable
      -- 15-01-25 Crisil AAA/Stable   -- 11-12-23 Crisil AAA/Stable 14-07-22 Crisil AAA/Stable --
      --   --   -- 12-10-23 Crisil AAA/Stable   -- --
      --   --   -- 13-06-23 Crisil AAA/Stable   -- --
      --   --   -- 01-06-23 Crisil AAA/Stable   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Cash Credit & Working Capital Demand Loan 50 Axis Bank Limited Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 100 Central Bank Of India Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 300 HDFC Bank Limited Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 150 Bank of India Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 50 Canara Bank Crisil AAA/Stable
Proposed Long Term Bank Loan Facility& 11547.13 Not Applicable Crisil AAA/Stable
Term Loan 2475.08 State Bank of India Crisil AAA/Stable
Term Loan 327.79 Canara Bank Crisil AAA/Stable
Term Loan 1000 Bank of India Crisil AAA/Stable
&Interchangeable with short term bank facilities
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for Finance and Securities companies (including approach for financial ratios)
Criteria for factoring parent, group and government linkages

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