The housing bubble in the US which in many ways contributed to the global financial market crisis is still fresh in the minds of all the stakeholders in the housing crisis in the US has yet again proved that the mission of social objectives, if not driven with regulatory caution, can lead to financial instability. Such events not only cause severe structural damages to the financial system but also lead to further intensification of the problem that the mission originally was seeking to overcome. Therefore, the Emma for policy makers is to choose either a policy that aims at affordable houses for all without compromising the stability of the financial sector or a policy that enables all to afford houses with a focus is on inclusive growth for the people at large. The mandate of the Reserve Bank of India, whether stated explicitly or otherwise, is to the motion of inclusive growth without undermining financial stability. The dilemma is all the more significant in the context of housing sector initiatives as they involve framing policies on the affordability of housing and also harnessing and promoting markets so as to serve the entire spectrum of customers, irrespective of their levels of income and the phase of the business cycle.