Kazakhstan stops subsidizing mortgage loans under "Nurly Zher" program
By Trend
Subsidizing of mortgage loans under the "Nurly Zher" program has been suspended in Kazakhstan, the press service of “Mortgage Organization “Kazakhstan Mortgage Company” Joint-Stock Company (KMC) announced June 25.
"In connection with the decision of the government of Kazakhstan and the planned launch by the National Bank of Kazakhstan of the new housing program "7-20-25“Mortgage Organization “Kazakhstan Mortgage Company”, JSC closes the direction of activity entitled as "Increasing the availability of mortgage lending" - subsidizing of interest rates on mortgage housing loans, implemented under the program of housing construction "Nurly Zher"," the company said in a statement.
"MO "KMC" JSC subsidized a part of the interest rate on mortgage loans issued by second-tier banks. During the implementation of the program, 3,566 loans worth 37.2 billion tenge were approved. Of them, 1303 loans amounting to 13.3 billion tenge were approved within seven months of 2017, and 2263 loans amounting to 23.9 billion tenge – were approved within five months of 2018.
In January 2018, the amount of approved loans amounted to about 4 billion tenge, in February – to 3.66 billion tenge, in March – to 3.7 billion tenge, in April – to 4.4 billion tenge, and in May – to 3.8 billion tenge.
Work on subsidies was carried out by "MO "KMC" JSC together with the second-tier banks.
The decision to discontinue the subsidy will apply only to new loans. Under the current agreements, “MO “Kazakhstan Mortgage Company” JSC will continue subsidizing on the terms specified in the contracts.
The subsidizing of mortgage loans under "Nurly Zher" program provided for the final rate of ten percent per annum for borrowers on a mortgage when buying primary housing through second-tier banks.
---
Follow us on Twitter @AzerNewsAz