Not all homes in Kazakhstan qualify for a mortgage: banks have strict property requirements. In particular, borrowers will be denied a loan to purchase a wooden house, reports NUR.KZ (article published on infohub.kz).
Given rising prices, a mortgage remains the only way for many Kazakhs to own a home. However, banks set criteria for apartments, and not every property will be approved. As the portal Krysha notes, banks consider wall material, construction year, and number of floors. Therefore, before buying, it is worth checking the building's year of construction.
Each bank has its own requirements for the age of the house, and they are tied to the wall material: the older the home and the less durable the structures, the higher the chance of rejection. For example, the basic minimum construction years for Altyn Bank are 1976 for brick and panel buildings; for Halyk Bank, 1960 and 1965 respectively; for Bank CenterCredit, 2000; for Nurbank, 1975; and for Otbasy Bank, 1966. However, these are only guidelines: the final decision is made after assessing the technical condition, liquidity, and expert evaluation.
Most banks do not finance the purchase of frame-reed, adobe, and wooden houses, as well as apartments on attic and basement floors, non-residential premises, and dachas. Some organizations, notably Altyn Bank and Bank CenterCredit, under standard mortgages only lend for apartments in buildings of at least five floors.
Meanwhile, conditions are gradually easing. For instance, Otbasy Bank increased the maximum allowable age of panel homes from 50 to 60 years at the time of application. Additionally, the bank began for the first time to accept as collateral private homes made of SIP panels, built no more than five years ago, provided they meet requirements for foundation, utilities, finishing, and have a certificate for materials.
Thus, to avoid rejection and save time, it is recommended to check in advance whether the chosen property meets the specific bank's requirements before applying for a mortgage.