Housing is a basic human need. Besides providing economic and social security, a house is also an "asset" that can act as collateral for other borrowings to support and supplement other means of income generation and poverty alleviation. It has a significant leveraging effect on the individual as well as the entire economy. Affordability is a challenge in all emerging economies. Providing housing loans on affordable terms requires long-term funding support and innovative products. An effective housing finance system improves affordability through institutional and product innovation. The availability of long-term funds allows for better affordability and also greater flexibility to individuals in allocating their savings and other resources across different uses.