Baku, Azerbaijan, Sept. 7
By Leman Zeynalova – Trend:
Following the results of implementation of the Mortgage Loans Refinancing Program in Kazakhstan, the foreign currency mortgage loans of individuals will be converted to tenge, the Head of the Department for Protection of Rights of Consumers of Financial Services and External Communications of the National Bank of Kazakhstan Alexander Terentyev said.
"Taking into account the ban imposed on January 1, 2016 on the issuance of new mortgage loans in a foreign currency to individuals who do not have income in that foreign currency, the implementation of the program will reduce to zero in the portfolio of banks the mortgage loans of individuals issued in foreign currency, as well as will eliminate currency risk for the population in the future," he said.
The program provides for refinancing of foreign currency mortgage loans of individuals obtained before January 1, 2016, in tenge at the exchange rate of the National Bank of Kazakhstan on August 18, 2015. More than 150 billion tenge has been allocated for the refinancing of foreign currency mortgage loans at the expense of the National Bank.
Terentyev focused on the fact that the term of the refinancing of foreign currency loans by banks will expire on 30 December 2018, and the deadline for the submission by the borrower of the application to refinance the loan is December 15, 2018.
He also said that the program, among other things, is aimed at supporting mortgage borrowers who received loans in the period from 2004 to 2009. The National Bank of Kazakhstan has allocated 130 billion tenge for the refinancing of these loans.
As of September 1, 2018, within the framework of the program, the banks have approved 24,853 loans in the amount of 154.3 billion tenge, and have refinanced 22,665 loans in the amount of 131.5 billion tenge.
"In total, the National Bank of Kazakhstan has allocated more than 300 billion tenge to support mortgage borrowers," he said.
The official exchange rate on September 7 is 372.23 USD/KZT.
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