Baku, Azerbaijan, May 26
By Fikret Dolukhanov – Trend:
Kazakhstan will start issuing mortgages for the "7-20-25" housing program from 2H18, Kazakh media reported quoting Minister of Investment and Development Jenis Kasymbek as saying.
“We expect that the program will be adopted during May or in the first 10 days of June. The first mortgage will be issued at the beginning of the second half of the year. I am not able to tell you the exact date, but we expect the first mortgage to already be issued in the third quarter,” Kasymbek said.
“We know the needs by region. The National Bank has full information, and within the next two to three months, the first mortgage loans will be issued under the "7-20-25" program,” Kasymbek added.
The National Bank is initially expecting to attract about one trillion tenge. With a mortgage amount of 9.6 million tenge, it will be possible to issue about 100,000 loans. According to calculations, this equals to 6.7 million square meters of housing.
The main condition for those wishing to participate in the housing program is the availability of officially confirmed income from labor or business activities.
Credits will be allocated only to primary housing. Their ultimate cost has already been established at the level of 25 million tenge in Astana, Almaty, Aktau and Atyrau and 15 million tenge in other cities and regions.
Deputy Head of the National Bank Oleg Smolyakov said earlier that the potential of the program is very high, as an annual income of 200 billion tenge is expected within five years. Due to the constant repayment of loans, banks will receive funds that they can send to lending again.
The program will involve 11 banks, which have a wide network of branches.
The "7-20-25" program has been initiated by the country's President Nursultan Nazarbayev.
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