New amendment in vulcanization process was used to prepare foamed rubber with enhanced physical properties other than expected and desirable thermal insulation properties. In this work the influence of foaming agent loaded NR/ SBR on thermal conductivity, density, water absorption swelling and mechanical properties was investigated. Different concentrations of foaming agent (2, 4, 6, 8, and 10 phr) were added to rubber matrix. The morphology of selected samples was characterized using scan electron microscope (SEM). An experimental investigation was carried out to obtain low cost multifunctional construction material with desirable mechanical and thermal insulation properties. The addition of foaming agent led to a decrease in thermal conductivity and density values until the concentration of 8phr after that their values slightly changed. It was also observed that mechanical properties of blends were improved with the addition of foaming agent. The optimum concentration was found to be 8phr for all measurements