Up to 100 billion tenge has been earmarked to finance the 7-20-25 mortgage program in 2027, with the National Bank of the Republic of Kazakhstan's board setting the corresponding limit, infohub.kz reports.
The Kazakhstan Sustainability Fund explained that quarterly financing under the mortgage housing lending program will not exceed 25 billion tenge.
"These funds are intended for the purchase by Kazakhstan Sustainability Fund JSC from second-tier banks of claims on mortgage housing loans issued in 2027 under the program. The fund, as the program operator, buys back loans that meet its conditions within the established limit. Banks issue mortgage loans independently, after which the KSF acquires the claims on them. No preliminary financing of banks is envisaged," the fund said.
The 7-20-25 program allows buyers to purchase newly commissioned housing on the primary market. Its main conditions are a nominal interest rate of 7% per annum, a down payment of at least 20% of the property's value and a maximum loan term of 25 years. Participation in the program is permitted only once.
It was reported earlier that seven banks currently issue mortgages under this subsidized program: Bank CenterCredit, Halyk Bank, Freedom Bank, ForteBank, Bank RBK, Eurasian Bank and Altyn Bank.