Credit Commission approves 95 loans under 7-20-25 program

ASTANA. KAZINFORM - The Credit Commission has approved the issuance of 95 mortgage loans under the 7-20-25 Program under the President's Five Social Initiatives, Kazakh Minister of Investment and Development Zhenis Kassymbek said today, Kazinform correspondent reports.

"As you know, "7-20-25" new mortgage program was introduced at the Head of State's initiative for the further mortgage development and the support for the solvent population. Low-interest mortgage loans will be issued for the purchase of housing in newly-constructed buildings. This project is being implemented by the National Bank of Kazakhstan. According to the National Bank, on July 4 this year, people started submitting for consideration by the Credit Commission. About 148 applications have already been sent, and 95 mortgage loans totaling approximately KZT 1 billion 100 million have been approved," the minister told a briefing at Central Communications Service.

According to him, the National Bank allocates about KZT 100 billion for this program this year. In total, nearly KZT 1 trillion will be allocated for the 7-20-25 Program in the next few years.

"This is a mechanism of cheap resources, and everyone working can buy an apartment with a loan. Many Kazakhstanis will get an opportunity to buy housing upon beneficial terms," Zhenis Kassymbek emphasized.

Photo Collage by Kazinform