Baku, Azerbaijan, Jan. 22
By Ali Mustafayev – Trend:
Subsidiary organization Bank VTB (Kazakhstan) has launched the financing of the private developers of residential property within the "Nurly zher" program.
This direction of "Nurly zher" housing program is implemented with the assistance of "Baiterek National Management Holding" and "Entrepreneurship Development Fund Damu" JSC.
“One of the directions of "Nurly zher" program provides subsidizing of the interest rate on the bank credits by the state for the private developers, which allows to significantly reduce the loan disbursements and cheapening the construction of a residential property. Now, this service is available for our clients, legal entities”, Chairperson of the Board of Kazakhstan based VTB Bank, Dmitry Zabello’s said, Kazakh Stock exchange reported.
The bank has also been actively working in another direction of "Nurly zher" program for more than half a year by now – financing of remuneration rate on the credits for the purchase of a new apartment for the individuals.
Private developers that need credit for the construction of residential property may participate in the program. The loan amount is not limited; period for draw-down of funds should not exceed 3 years, herewith "Baiterek" holding finances 7 percent per annum from the remuneration rate on the credit for the whole period of financing.
By choosing VTB Bank (Kazakhstan) within the credit granting under "Nurly zher" program, the developer obtains flexible finance terms, adapted to the activity of the client, and short response time, according to Zabello.
Kazakhstan based subsidiary VTB Bank JSC is a member of VTB international financial group. The Bank has successfully worked more than 8 years in the financial market of Kazakhstan. To date, Subsidiary VTB Bank JSC (Kazakhstan) has a branch network, consisting of 41 structural subdivisions, 17 of which are branches. The Bank's Central Office is located in Almaty.