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Minister Kassymbek says new mortgage program should be implemented without fuss

6 March 2018 16:14
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Minister Kassymbek says new mortgage program should be implemented without fuss

ASTANA. KAZINFORM - Kazakh Minister for Investments and Development Zhenis Kassymbek believes that the new government program on affordable mortgages can be implemented without fuss, Kazinform correspondent reports.

"I think that having a new player in this market will result in competition and the opportunity for citizens to work (act - Ed.) not only through the House Construction Savings Bank and second-tier banks. This will give another affordable tool, perhaps, the most affordable one (to buy housing - Ed.). We understand that there will be queues in this new organization, but yesterday the Head of State outlined specific amounts - up to KZT 1 trillion to be allocated for work on mortgages. I believe the above funds are sufficient for the implementation of this program without fuss," Zhenis Kassymbek told a briefing in the Government of the Republic of Kazakhstan on Tuesday.

"For instance, you come to the new company as a person on the waiting list. You decide what kind of housing and of which real estate developeryou want. You make an initial payment at 20% of the apartment to the new company, while 80% of the mortgage will be provided to you by the company," he added.

It is to be recalled that Head of State Nursultan Nazarbayev announced the main parameters of the proposed mortgage scheme 7-20-25. That is, every working Kazakhstani citizen will have an opportunity to get a mortgage loan in Kazakh tenges under the following terms: the scheme rate of return will not exceed 7% per year, initial payment will stand at 20% and credit length will be 25 years.

During today's session of the Government, Prime Minister Bakytzhan Sagintayev said that a special organization will be created to implement the program.


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