Baku, Azerbaijan, June 20
Trend:
The National Bank of Kazakhstan is planning to issue no less than one trillion tenge of mortgage loan before 2020, says the mortgage lending program approved by the National Bank on Tuesday.
The program provides the possibility of receiving mortgage loans for buying houses in the primary market in every region of Kazakhstan. The loan is limited to 25 million tenge for the cities of Astana, Almaty, Aktau, and Atyrau, and to 15 million tenge for other regions.
Mortgage organization Baspan – a subsidiary of the National Bank of Kazakhstan – is the coordinator of the program.
Kazakhstan plans to launch the 7-20-25 program to issue mortgage loans on the following conditions: interest rate – 7 percent annually, initial payment – 20 percent, loan period – 25 years. Any citizen of Kazakhstan with an income, either from work and/or entrepreneurial activity, as well as not owning a property, can participate in the program.