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Tuesday, September 17th, 2019

Kazakhstan launches concessional lending mechanisms for mortgage loans under Nurly Zher

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Concessional lending mechanisms for mortgage loans are currently being implemented under the Nurly Zher State Program. This was reported by Deputy Minister of Investments and Development Roman Sklyar during the briefing at the Government press center.

Roman Sklyar reported that in order to reduce the market rate for mortgage loans for the population, the state, through the Kazakhstan Mortgage Company, reimburses the mortgage expenses of STBs after a 30% down payment.

Taking into account the subsidies, the final rate for the consumer is 10%, while loans are subsidized for the purchase of housing in new buildings. In the cities of Astana and Almaty loans are issued in the amount of up to 20 million tenge, in the regions – up to 15 million tenge. In 11 regions of the republic, lending to the population at a preferential rate is already in progress.

To date, 10 banks are planning to begin implementing the program, and 3 are already actively implementing the mortgage, at present they are accepting applications from citizens to receive it.

Within the framework of the Nurly Zher program, it is also planned to build housing meant for mortgage for the investors of Zhilstroysberbank and those on Akimats’ waiting lists. Citizens who have stable incomes will have the opportunity to purchase their own housing through the savings system. At the same time, a low threshold for the initial contribution and minimum interest rates for loans are provided. To date, 6140 apartments meant for mortgage have been built out of the planned 15 thousand.

Source: Government of the Republic of Kazakhstan

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