Sammaan Capital pairs sell-downs with retained loan yields

SAMMAAN CAPITAL plans to sell down prime and micro, small and medium enterprise mortgages in the 9–11% yield band while retaining affordable mortgages and newer retail loans at 11–13% or above, alongside assets under management of Rs 59,188 crore as of September 30, 2026. Management says the retained portfolio is intended to build net interest income.

How will Sammaan Capital split loans between assignment and retention?

Sammaan Capital will use direct assignment for prime and micro, small and medium enterprise, or MSME, mortgages, placing those products in a 9–11% yield band. The company originates these loans through its branch network and plans to sell them to banks, earning servicing fees and excess spread under the capital-light model. Affordable mortgages, by contrast, are assigned to the originate-and-hold model at a stated 11–13% yield band.

The retained-book strategy also covers loans against securities, personal loans, business instalment loans and gold loans. Sammaan Capital places loans against securities with affordable mortgages in the 11–13% band, while personal loans, business instalment loans and gold loans are listed in the above-13% category. These are product yield bands rather than reported portfolio income; management says retaining affordable mortgages and newer retail products is intended to build net interest income, or NII.

Pool purchases are designed to seed the retained portfolio before own origination expands. Sammaan Capital says it can acquire affordable-mortgage, seasoned personal-loan, business-instalment-loan and gold-loan pools from partner lenders. Its private-credit-fund model separately envisages co-origination with funds, non-banking financial companies and banks on a pari-passu basis, with participants sharing risk and contributing capital in proportion to their participation.

Which Sammaan Capital portfolios provide the current scale?

Residential housing finance, including affordable housing and mortgages, was Sammaan Capital’s largest reported category at Rs 31,445 crore of assets under management on September 30, 2026. The segment represented more than half of total assets under management of Rs 59,188 crore and carried a disclosed 8.5–13% yield range. Its Q2FY27 disbursals were Rs 2,059 crore, average ticket size was Rs 43 lakh, actuarial tenure was about five years and cumulative collection efficiency was 99.4%.

Secured business and home-equity loans were the second-largest category at Rs 14,741 crore, compared with Rs 11,188 crore in commercial real estate, project, plot and lease-rental-discounting loans. The secured business and home-equity portfolio had a 9.5–13.5% yield range, against 12–17% for the commercial-real-estate-related category. Their Q2FY27 disbursals were Rs 2,585 crore and Rs 1,266 crore, respectively, while cumulative collection efficiency was 99.9% and 99.8%.

Other loans, including unsecured business, working-capital and personal loans, accounted for Rs 1,543 crore and had a disclosed 10–17% yield range. Loans against securities accounted for Rs 270 crore, but the presentation did not provide their disbursals, yield or collection efficiency. Sammaan Capital said 94% of Q2FY27 disbursements were secured loans, while total blended cumulative collection efficiency was 99.6%.

How is Sammaan Capital scaling its mortgage execution model?

Sammaan Capital is targeting a branch network of about 300 by FY27, up from 245 at Q2FY27, to support its dual mortgage model. Management said 91% of the FY27 network was already in place as of September 30, 2026. The planned network is intended to support FY27 assets under management of Rs 70,700 crore and disbursals of Rs 30,100 crore.

The mortgage franchise had about 3,630 dedicated employees as of September 30, 2026, after 1,123 hires in H1FY27. Of those hires, 95% were in retail and 87% were deployed at branches. Sammaan Capital also reported 2,418 Salesforce users, comprising 1,618 sales users, 641 credit users and 159 contact-centre users, alongside 251 accepted offers for further frontline capacity and 20 senior hires at assistant vice-president level or above.

The company reported Rs 1.08 lakh crore of mortgage pools sold down to 24 banks or financial-institution partners, with more-than-90-days-past-due balances below 0.50% in those sold-down pools. Salesforce customer relationship management went live in June 2026, while the Salesforce loan-origination system was targeted for pan-India deployment in Q3FY27. Migration to the FinnOne Neo loan-management system was under way, and customer and business-associate or direct-selling-agent mobile applications were scheduled to go live in Q3FY27.

What has changed in Sammaan Capital’s recent financial metrics?

Sammaan Capital’s assets under management declined year on year but increased sequentially in Q2FY27. Assets under management were Rs 64,004 crore in Q2FY26 and Rs 59,188 crore in Q2FY27, a decrease of Rs 4,816 crore. They rose from Rs 56,239 crore in Q1FY27 to Rs 59,188 crore in Q2FY27, an increase of Rs 2,949 crore.

Net non-performing assets fell from 0.79% in Q2FY26 to 0.11% in Q2FY27. Over the same period, return on managed assets, calculated on a cumulative basis, declined from 1.5% to 1.3%, while cost to income increased from 25.0% to 61.8%. The presentation excludes Q4FY26 from these trend tables because that quarter included one-time items, including a fair-value provision linked to a business-model change, loss on an asset reconstruction company sale, expected-credit-loss overlays and Stage III write-offs.

Which new retained-loan products are planned next?

Sammaan Capital has made personal loans live through purchased pools, with own origination planned after technology and branch readiness steps. The product has an indicated average ticket size of about Rs 2 lakh, a term of about two years, a 16.5% yield and a median Credit Information Bureau (India) Limited score of about 750. Management identified 20 branches for rollout and set tentative Q4FY27 timing for both soft launch and commercial launch, subject to market conditions.

Business instalment loans were pre-launch, with policies approved and a proposed average ticket size of about Rs 18 lakh. The unsecured MSME product has an indicated 14–18% yield band, a term of about three years and a median CIBIL score of about 750. Management’s tentative timetable sets testing in Q3FY27, followed by soft launch and commercial launch in Q4FY27 after initial seasoned-pool purchases and platform development.

Gold loans have approved policies and a proposed ticket size of about Rs 2 lakh, with terms of up to three years. Sammaan Capital disclosed a loan-to-value ratio of up to 85% for loans below Rs 2.5 lakh. Management planned a soft launch in about 16 branches in Q3FY27, a rollout to 30 branches in Q4FY27 and wider expansion in FY28, while noting that timing remains tentative and subject to market conditions.

Conclusion

Sammaan Capital’s stated blueprint separates lower-yield prime and MSME mortgage assignment from retained affordable housing and newer retail lending. The model combines service fees and excess spread from mortgage sell-downs with management’s aim of building NII through retained products. Residential housing finance remained the largest category at Rs 31,445 crore of assets under management on September 30, 2026, while business, commercial-real-estate and newer loan segments carried different disclosed yield bands.

The next points to watch are management’s FY27 targets of Rs 70,700 crore in assets under management, Rs 30,100 crore in disbursals and about 300 branches. The presentation also identifies scheduled milestones in Q3FY27 and Q4FY27 for nationwide loan-origination-system deployment, personal and business instalment loan launches, and gold-loan expansion from about 16 to 30 branches, all subject to the disclosed conditions and timelines.