A concept paper for Mortgage Refinance Company of Pakistan to be established by State Bank of Pakistan to meet the long term funding requirements of banks and financial institutes providing mortgage financing. For Housing Finance, building the asset side of the Balance Sheet is a lot easier than developing a matching liability side. This issue becomes more pronounced in economies of countries in the South Asia region. In view of the massive backlog of housing in nearly all segments of the population i.e., low, middle and high-end segments, developing a housing loan portfolio offers fewer challenges as long as a Housing Finance Institution (HFI) has a diversified product range and appropriate terms for each market segment.