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“Nurly zher” program for 2017-2031: key points

by February 9, 2017 World Sports

It is planned to build about 1.5 million affordable housing for 15 years within “Nurly zher” program. The main goal of the program is a comprehensive solution to housing problems, providing a further housing affordability for the population.

Five main areas

“”Nurly zher” state program aims to support mortgage lending. The mortgage loans of STB will become more accessible to the population. The stimulation of demand among the population through state subsidies of the interest rate mortgages issued to citizens of the second-tier banks for the purchase of primary residence is provided in order to revive the mortgage lending market,” M. Zhayimbetov said.

It is supposed to subsidize the interest rates of banks at an annual rate of 17% for 7 years. The subsidy will be provided during this period. The state will cover up to 7% of the cost of remuneration to reduce the end-borrower mortgage up to 10%.

“We expect that about 8,000 mortgage loans will be allocated this year to purchase houses with the help of this program,” the expert said.

The program also focused on the promotion of housing construction by private developers. It is proposed to introduce the available credit resources for it – the state will subsidize part of the interest rates on loans issued by second-tier banks for the construction of new housing. The national budget envisages 11 billion tenge in 2017, which will allow developers to subsidize bank loans in the amount of 157 billion tenge. According to the Ministry of Economy, it will finance further construction of about 600 thousand sq.meters of housing. Half of them will be given to depositors of Housing construction savings bank (Zhilstroysberbank).

It should be noted, the program envisages an increase in the volume of construction of housing credit on a “revolver” principle for depositors of Housing construction savings bank (Zhilstroysberbank) and the people on the waiting list.

Source: The Prime Minister of Kazakhstan