LenderBoard
Data to 31 Mar 2025
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NSE BAJAJHFLCRISIL AAA, stableIndia Ratings AAA, stableCredit ratingA grade for how safely a company can repay what it borrows. AAA is the highest grade. A stable outlook means the agency does not expect to change it soon.It sets how cheaply the company can borrow, and so how cheaply it can lend.Housing finance companyMid-capMid-capAMFI ranks listed companies by market value twice a year: the 100 largest are large-cap, the next 150 mid-cap. Bajaj Housing Finance was large-cap from February 2025 and moved to mid-cap in the December 2025 review.Mutual funds sort the shares they may buy by this list, so the class shapes which funds can hold it.

Bajaj Housing Finance

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A large housing lender from Pune that is growing faster than most rivals. It charges borrowers some of the lowest rates, which leaves it a thinner margin, and it has the fewest bad loans of the 17 HFCs that report them.

Key numbers for the year to 31 March 2025
AUMAUMAll the loans it manages, as each lender reports it. That can include loans it has sold to other lenders but still collects.The usual way to measure how big a lender is. The typical HFC is the middle of the 19 that report this: half are above it, half below.Loan book₹1,14,684 CrLent ₹50,843 Cr of new loans in the year
AUM growth YoYAUM growth YoYHow much the loan book grew over the year.Fast growth wins customers, but the loans still have to be repaid. The typical HFC is the middle of the 18 that report this: half are above it, half below.Higher is betterLoan book growth26.0%The typical HFC grew 20.0%
7th fastest of 18

Where it stands

Where it standsEach mark is one of the 19 HFCs that report AUM for the year, smallest on the left. Filled marks are the lenders it is bigger than; its own mark is dark. Point at a mark to see which HFC it is.
Yield on loansYield on loansThe average interest rate it earned on its loans over the year.A low rate is good for borrowers but leaves the lender a thinner margin. The typical HFC is the middle of the 18 that report this: half are above it, half below.Rate it charges3rd lowest of 18
9.84%Borrows at 7.91%, keeps a gap of 1.93%
GNPAGNPALoans more than 90 days overdue, or unlikely to be repaid in full, as a share of all loans.The clearest sign of how good its lending is. The typical HFC is the middle of the 17 that report this: half are above it, half below.Lower is betterBad loans, Gross Stage 3Lowest of 17
0.29%The typical HFC: 1.81%
Only one HFC is larger
Amounts in
Amounts in

Business description

Bajaj Housing Finance offers every kind of mortgage, from home loans for individuals to finance for the developers who build homes and offices, and describes itself as the most diversified housing finance company.

Its home loans cover new and resale homes, balance transfers and self-construction. Each of its locations is split into micro markets, each run as its own operating area.

Management targets, medium term

AUM growth
24 to 26% a year
GNPA
0.40 to 0.60%
Return on assets
2.0 to 2.2%
Return on equity
13 to 15%
Q4 FY25 investor presentation

Loan book mix

31 Mar 2025, share of the loan book
Home loans56.2%₹64,447 Cr+22% on the yearFor individuals buying, building or renovating a home.
Lease rental discounting19.1%₹21,913 Cr+24% on the yearFor owners of leased commercial property, repaid from the rent.
Developer finance12.5%₹14,346 Cr+49% on the yearConstruction finance for residential and commercial developers.
Loan against property10.7%₹12,262 Cr+28% on the yearSecured on a home or commercial property the borrower already owns.
Other1.5%₹1,716 CrUnsecured loans.

87% of the loan book sits on its balance sheet; the other 13% is loans sold to other lenders that it still manages. From the Q4 FY25 investor presentation and earnings call.

By borrower type

31 Mar 2025, share of each book
Home loansSalaried 85%, Self-employed 11%, Professionals 4%
Loan against propertySalaried 17%, Self-employed 76%, Professionals 7%
SalariedSelf-employedProfessionals
Average home loan
₹45.5 lakh
Average home-loan borrower salary
₹14.7 lakh a year
Average loan against property
₹67.9 lakh

Q4 FY25 investor presentation. Loan sizes and salary are at origination.

By sourcing channel

Home loans only, 31 Mar 2025
Direct46%Its own sales teams, digital partners and developer tie-ups
Indirect54%Direct selling agents, aggregators, channel partners and connectors

Q4 FY25 investor presentation. Not reported for its other products.

7,300+ approved projects

Housing projects it has approved in advance, so buyers in them get their loans processed faster. Developers it lends to also send it home-loan customers.

Q4 FY25 investor presentation
Mostly digital onboarding

In March 2025, 80% of new customers were onboarded online and 93% of loan agreements were signed electronically.

Q4 FY25 investor presentation
Near prime and affordable homes

A separate unit lends to borrowers with slightly weaker credit records (near prime) and to buyers of lower-cost homes. Management plans to invest more in it, and in markets outside the metros, in FY26.

Q4 FY25 investor presentation

From income to profit

FY 2024-25, ₹ crore

Of every ₹100 of income, ₹62 goes on interest and ₹23 is left as profit.

Total income₹100Interest₹62.4 of ₹100Operating costs₹7.8 of ₹100Loan losses₹0.8 of ₹100Tax₹6.3 of ₹100Net profit₹22.6 of ₹100

Lending economics

FY 2024-25, per cent a year

It borrows more cheaply than most HFCs (7th lowest of 18 on cost) but lends more cheaply still, so the gap it keeps on each loan, the spread, is 4th lowest of 18. Low running costs and few loan losses bring its return on assets level with the typical HFC.

Cost of borrowingYield on loansThe gap between them is the spread
All ratios in Financials