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The House Building Finance Corporation (HBFC) (now incorporated under companies as "HBFC Ltd." ordinance 1984 since July, 2007) was established in the year 1952 as a Statutory Federal Body with the object of providing financial assistance for construction and purchase of houses to the people of Pakistan in urban as well as rural areas. With its establishment, the concept of institutionalized housing finance was introduced for the first time in Indo-Pak sub-continent for providing long term finance for house building.

The House Building Finance Corporation (HBFC) was established on April 18, 1952 through an act of Parliament. The concept behind its constitution by the Government of Pakistan was to alleviate the housing problems of the unprecedented number of refugees who had to influx from India to a newly born Islamic state Pakistan in 1947.The HBFC is a Government owned financial institution in Pakistan catering to housing needs of the people belonging to all walks of life especially the low and middle income strata of the country by providing Small and Medium Housing (SMH) solutions.

Members of the committee said that strict regulations, corruption, high interest rate and centralised process for approvals had been causing problems for ordinary citizens in securing HBFC loans.The meeting was informed that the country was facing a shortfall of 8.2 million houses due to population growth, urbanisation and backlog.The HBFC was directed to consult the stakeholders and ensure smooth lending on competitive rates, especially to the poor so that the government’s agenda of providing shelter to the one million poor is accomplished.

The representative of the Association of Builders and Developers said the policies of HBFC were not industry friendly and urged the committee to suggest amendments to the credit criteria, terms and conditions issued by the corporation.The committee observed that the HBFC needed to increase its efficiency by expanding its operations and introducing innovative products to provide solution to the housing problems of lower- and middle-class population.

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