BAJAJ HOUSING FINANCE LTD

Originating and servicing mortgage and property-backed loans in India, with assets under management in excess of ₹1 lakh crore. The business lends through four primary product lines — home loans, loan against property, lease rental discounting, and construction finance — and runs an affordable-housing vertical that operates across 145 urban/rural locations covering 72 Tier-4 towns, with a current monthly disbursement run-rate of ₹410-425 crore scaling toward a ₹600+ crore target. Income is generated primarily from interest earned on this loan book, with a quarterly net interest margin of 3.7%. The company funds itself by issuing secured non-convertible debentures on private placement and accepting deposits from parent Bajaj Finance, with cost of funds at 7.2%. Operating costs are light — employee costs at 5% of revenue and other operating expenses at 2.2% — supporting an opex-to-net-income ratio of 19-20%. Asset quality is tight with gross NPA at 0.29%, net NPA at 0.12%, and capital adequacy at 21.59%.