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Mortgage to cheapen in Kazakhstan

13 February 2018 11:33 1160
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Mortgage to cheapen in Kazakhstan

ASTANA. KAZINORM - The Ministry for Investments and Development of Kazakhstan is working on the option of cheapening mortgage loans, Minister Zhenis Kassymbek said at the Government meeting.    

"This year we will study the mechanisms of further implementation of the program. In fulfillment of the instructions given by the President we have started work on enhancement of state standards in architecture, urban and civil construction. To make housing more affordable for Kazakhstan citizens we are working on the ways to make housing loans cheaper and the plan is ensure 30 sq.m. per one citizen by 2030", said the Minister.

According to the Minister, commercial banks will provide KZT 125 billion of subsidized loans to developers and KZT 105 billion of mortgage.  "Once banks are revived, annual loans provided will reach KZT 350 billion and Zhilstroysberbank deposits of population will be 12%", he informed.

Such measures will allow to increase housing supply.

As earlier reported, President Nursultan Nazarbayev announced that constriction of public housing should be financed by second level banks.

"Bank will finance construction. The Government, the National Bank and local governors will create conditions to make housing cheaper", said the President. 

 

 


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