‘7-20-25’ mortgage program applications totaling KZT 7.3B approved
"As of August 9, 2018, 1,039 applications for loans to the total amount of KZT 11.9 billion have been submitted under the ‘7-20-25' Mortgage Program, of which, 640 loan applications totaling KZT 7.3 billion have been approved," the National Bank's representative said.
The ‘7-20-25' Mortgage Program was developed in the furtherance of the Five Social Initiatives announced by the Head of State on March 5 this year. The program was approved by the National Bank in late May. Mortgage loans are issued under the following terms: the interest rate of 7% per annum, down payment of 20%, and the duration of loan up to 25 years.
Any citizen of the Republic of Kazakhstan, who earns employment or business income and does not have a property in a dwelling, is entitled to participate in the new mortgage program.