About the Pool

The pool consists of HL contracts. At the time of securitisaiton, the weighted average seasoning of the pool was 6.4 months, and the pool was diversified, with the top three states accounting for 59.4% of the pool principal, with a weighted average loan-to-value ratio of 76.2% and average ticket size of Rs. 12.5 lakhs.

Pool Performance Summary (as after April 2023 payout)

!CCR = {Total collections in the pool/(Total billings + opening overdues at the time of securitisation)}
^MCR = Monthly collections in the pool / Monthly billings

*TCR = The minimum cumulative collection ratio required on a pool’s future cash flows, to be able to service the investor payouts on time

Counterparty Details

About the Originator

HDFC, a housing finance company, was incorporated in 1977; its initial shareholders included International Finance Corporation, Washington, and the Aga Khan Trust. As on December 31, 2022, AUM stood at Rs 7,01,485 crore of which 82% consisted of loans to individuals. Loans to corporate entities, lease rental discounting, and construction finance accounted for 4%, 6% and 8%, respectively.

The company also has a strong presence in the life insurance, general insurance, asset management and education financing businesses through its subsidiaries - HDFC Life Insurance Company, HDFC Ergo, HDFC AMC and HDFC Credila, respectively.

For fiscal 2022, HDFC, on a standalone basis, reported a profit after tax (PAT) of Rs 13,742 crore and total income (net of interest expense) of Rs 21,251 crore, against PAT and total income (net of interest expense) of Rs 12,027 crore and Rs 19,561 crore, respectively, for the previous fiscal.

For the nine months ended December 31, 2022, reported PAT on a standalone basis stood at Rs 11,814 crore on total income (net of interest expense) of Rs 17,722 crore as against Rs 10,042 crore and Rs 15,713 crore, respectively, for the corresponding period previous fiscal.

For fiscal 2022, on a consolidated basis, HDFC reported a PAT of Rs 24,042 crore and a total income (net of interest expense) of Rs 1,08,738 crore, against Rs 20,488 crore and Rs 1,09,990 crore, respectively, for the previous fiscal. For the nine months ended December 31, 2022, reported PAT on a consolidated basis stood at Rs 19,695 crore and total income (net of interest expense) was Rs 81,962 crore, against Rs 17,150 crore and Rs 80,603 crore, respectively, for the corresponding period previous fiscal.

Past Rated Pools

CRISIL Ratings has ratings outstanding on two securitisation transactions originated by HDFC. CRISIL Ratings is receiving monthly performance reports pertaining to these transactions.

Key Financial Indicators

Any other information: Not applicable

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