Kazakhstanis often compare getting a mortgage from Otbasy Bank to completing a quest due to strict requirements and long waits. Bank Chairwoman Lyazzat Ibragimova explained that this complex system is due to the low interest rate and savings on payments, reports infohub.kz.
According to her, Kazakhstanis are willing to go through this "quest" for a low interest rate that allows them to save significantly.
"My personal opinion is that the unique housing savings system is a pool of money that Kazakhstanis contribute, and then it is distributed to Kazakh families under certain conditions. Hence the complexity with the scoring indicator," Ibragimova noted.
The head of Otbasy Bank added that the system is designed for people who want to save and be sure that their loan interest rate will remain unchanged. This, she said, is the bank's financial stability.
"We need to verify many documents, especially for budget loans, there are many criteria: no housing, no housing for close relatives. All this is double-checked," she explained.
Ibragimova assured that digitalization is already reducing waiting times, and soon most operations will be moved to a mobile app.
Earlier, Kursiv reported on how to get an apartment faster than the queue, as told by Otbasy Bank.