SBI Home Finance Ltd., formerly known as Housing Promotion Finance Corporation (P) Ltd, was established on November 11th, 1987 as a Private Limited Company. On May 23, 1988, it underwent a conversion to become a public limited company. The company was jointly marketed by the State Bank of India and the Housing Development Finance Corporation Ltd., with a focus on the Eastern and North Eastern region, to provide long-term financing for housing. As a few private corporate entities did, the top financial institutions—LIC, UTI, GIC, and its affiliates—participated in the equity capital. It was primarily pushed with the intention of offering long-term house financing.