ICRA has provided a pool-wise summary of the performance of all ICRA-rated Mortgage-Backed Securitisation (MBS) transactions that were live between April 2025 to September 2025. In total, performance of 74 live transactions across 23 originators, including residential loans (home loans; HL) and loans against existing property (loans against property; LAP) have been analyzed. For each transaction, key performance parameters, including cumulative collection efficiency, static and dynamic delinquency profile, prepayment rate and credit enhancement utilisation are discussed. ICRA’s rating actions (new ratings assigned, rating upgrades and rating reaffirmations) between May 01, 2025 and October 31, 2025 are also summarised in the report. The report also contains analysis of the key performance indicators pertaining to 145 ICRA-rated mortgage loan pools that were rated by ICRA between January 2003 and September 2025.

• As on September 30, 2025, the average loss-cum-90+dpd and 180+dpd in HL pools stood at 0.4% and 0.3% respectively, at 140 months post securitisation. The 90+ delinquencies for LAP pools were relatively higher at 0.8%, 76 months post securitisation. These levels of delinquencies, however, are low when compared to most other retail loan asset classes.
• Consequently, credit enhancement utilisation in most transactions has been low. The cash collateral utilisation in the MBS transactions was even lower (nil in 52 out of 74 live transactions analysed), as the shortfalls in collections were absorbed by the excess interest spread.

Source: ICRA Research