Baku, Azerbaijan, Dec. 24
By Rashid Shirinov – Trend:
Mortgage lending in Kazakhstan increased by 82.5 percent year-on-year, Trend reports with reference to Ranking.kz.
In October this year, the volume of mortgage bank loans reached 69.5 billion tenge compared to 38.1 billion tenge in October 2017.
The driver of the rapid growth of mortgage loans is the "7-20-25" program, which started 5 months ago. During this period, loans in the amount of 42.4 billion tenge were issued.
Amid the increasing public demand for mortgage lending, the share of mortgage loans in the loan portfolio of banks increased to 9.8 percent at the end of October this year.
Eight of 28 second-tier banks participate in the "7-20-25" program. The absolute leader is Bank CenterCredit, which approved about 3,000 mortgage loan applications for a total amount of 35 billion tenge (82.5 percent of all mortgage loans).
ATFBank ranks second with 213 approved applications totaling 2.6 billion tenge (6.2 percent), while Halyk Bank is third with 138 approved applications in the amount of 1.8 billion tenge (4.3 percent).
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