Kazakhstan's subsidized Umai mortgage program has sparked a surge in demand: applications for the first tranche closed within just a few hours, with the average loan amount requested reaching 23.4 million tenge. Whether an additional tranche will be allocated was discussed at a briefing at the Central Communications Service by Zhansultan Matay, deputy chairman of Otbasy Bank, according to infohub.kz.
Journalists noted that applications for the first tranche of the Umai program closed after only a few hours. They said demand had also outstripped supply in other attractive housing programs. Media representatives asked whether funding would be increased to meet existing demand.
"The Umai program launched on August 31, and we have received 855 applications from participants. All of them have been pre-approved. They now have time to search for apartments and finalize their loans. I would like to note that the average loan amount requested among Umai participants is 23.4 million tenge. The youngest participant is 18 years old. The oldest is 63," Zhansultan Matay said.
He also reminded that the Asian Development Bank provided the funds for this program.
"The ADB transferred the first tranche of 9 billion tenge to Otbasy Bank in advance. Given the high activity among Kazakh women, Otbasy Bank has asked the ADB to allocate the second tranche early. A total of 90 billion tenge has been earmarked for the program. The requirements for participants remain unchanged for now," the deputy chairman of Otbasy Bank assured.