Executive Summary

This report provides a pool-wise summary of the performance of all ICRA-rated Mortgage-Backed Securitisation (MBS) transactions that were live between October 2025 and March 2026, i.e. 78 transactions across multiple originators, including residential loans (home loans or HL) and loans against existing property (loans against property or LAP). 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 November 01, 2025 and March 31, 2026 are also summarised in the report.

The report includes an analysis of the key performance indicators pertaining to all (150) mortgage loan pools that ICRA had rated between January 2003 and March 2026. These include 122 HL pools and 28 LAP pools. Of the total, as on March 31, 2026, 78 pools were live and 57 had matured, while the clean-up call option was exercised in 15 pools.