House Building Finance Corporation (HBFC) was set up under the Government Act (titled “HBFC Act-1952”) as a public sector enterprise soon after Pakistan’s independence in 1947.  Thus HBFC (the Corporation), established in 1952, became the country’s first specialized housing finance institution and is currently ranked amongst the oldest housing finance institutions in Asia-Pacific region.  During the time of partition between India and Pakistan within the Indian sub-continent, there was a large influx of refugees crossing the border in to Pakistan to settle mainly in the larger cities of Karachi and Lahore.  Rehabilitation of these refugees, encompassing the provisioning of housing and employment, became the foremost issue facing the leadership of the new born state.