New mortgage scheme to make housing more affordable for Kazakhstanis
The Head of State announced the new mortgage scheme at the joint session of the Kazakh Parliament chambers.
"Today we are ready to make a new step towards social modernization. I suggest five presidential social initiatives. The first initiative will focus on new opportunities for every family to buy housing. Over the past years we've done a lot to help our citizens and offer them more opportunities to buy housing. 11.2 million square meters of housing were commissioned last year. These are some record-breaking numbers, something we've never achieved before. However, this is not enough. Many families still have no their own housing," the President said at the session.
He stressed it is crucial to create conditions to solve that problem and make residential mortgage more affordable, so that every citizen was able to purchase housing.
Nursultan Nazarbayev proposed a tool that will help Kazakhstanis solve their housing problems - 7-20-25 mortgage scheme. Within the framework of the scheme rate of return will not exceed 7% per year, initial payment will stand at 20% and credit length will be 25 years.