India sees maiden RMBS listing; NHB expects cos to raise Rs 10K cr in FY26

The National Housing Bank-promoted RDCL listed the first-ever set of securities of Rs 1,000 crore maturing in 20 years with a coupon of 7.26 per cent payable monthly, on the NSE

The country's maiden residential mortgage-backed securities were listed on the market on Monday, and housing finance regulator NHB said it expects firms to raise over Rs 10,000 crore through the route this fiscal.

The National Housing Bank-promoted RMBS Development Company (RDCL) listed the first-ever set of securities of Rs 1,000 crore maturing in 20 years with a coupon of 7.26 per cent payable monthly, on the NSE.

NHB Managing Director and Chief Executive Sanjay Shukla said he expects up to 10 more such transactions in the fiscal year through which lenders will raise between Rs 10,000-12,000 crore.

The listing done on Monday involves pass-through certificates of a pool of residential loans made by LIC Housing Finance, and the issue was fully subscribed.

 

RDCL was set up in March by NHB to help home financiers access funding by giving up future receivables on a loan to investors. The move will also help term investors like pension funds and insurance companies will get investment opportunities.

Shukla said the NHB is talking to other home financiers as well to pool-in securities for listing, and added that he expects another tranche of Rs 1,000 crore in a month.

Meanwhile, Shukla said the NHB plans to raise up to Rs 60,000 crore through the bond route in FY26, up from Rs 48,000 crore done in FY25.