Baku, Azerbaijan, Aug. 20
By Fikret Dolukhanov – Trend:
As many as 1,026 loan applications were approved in Kazakhstan as part of the state preferential mortgage program “7-20-25”, the National Bank of Kazakhstan said in a message.
“As part of the program’s implementation, as of August 20, 2018, 1,586 applications were accepted for loans worth a total of 18.6 billion tenge,” the bank noted. “As many as 1,026 applications for loans totaling 11.9 billion tenge were approved. A total of 441 loans worth 5.1 billion tenge were issued.”
The program “7-20-25” was developed as part of implementation of five social initiatives announced by the Kazakh President Nursultan Nazarbayev on March 5, 2018.
Approved by the National Bank of Kazakhstan in late May 2018, the program provides for the issuance of mortgage loans with a reward rate of 7 percent per annum, an initial contribution of 20 percent and a loan period of up to 25 years.
(360.12 tenges = 1 USD on Aug. 20)
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