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Otbasy Bank has announced the resumption of accepting applications from citizens wishing to utilize their unified pension savings for housing-related purposes, including mortgage repayment. This move aims to assist individuals in improving their living conditions.

Application Resumption Details

The bank confirmed that the application process will recommence on Monday, March 2nd. This follows a temporary halt in accepting these applications, which was initiated at the end of January.

Reason for Temporary Suspension

Previously, Otbasy Bank had paused the acceptance of applications for using unified pension payments (UPP) to partially or fully repay debts. The bank cited the need to adapt its remote services, including its mobile application and the personal cabinet on the otbasybank.kz portal, to new regulations.

Changes in Repayment Rules

The regulations for utilizing UPP to improve housing conditions were updated, with the term "debt" being replaced by "principal debt." This means that pension funds can now only be used to cover the principal amount of a loan during early repayment, either partial or full. Previously, monthly payments, which included interest and other associated fees, could also be covered by pension funds. Under the new rules, borrowers must cover these interest and associated charges using their own funds.

Future Process for Loan Repayments

Otbasy Bank explained that the process for partial and full loan repayment will be restructured. It will now involve two distinct stages: first, the repayment of loan interest and other associated fees using the borrower's personal funds, followed by the repayment of the principal debt using pension savings. To facilitate this, individuals will need to ensure sufficient funds are available in both their current and special accounts at Otbasy Bank.

Related Service Adjustments

In related news, Otbasy Bank also announced changes to its housing allocation process for those on the waiting list, effective March 2nd. Housing will now only be allocated after an inventory check has been completed.

This information was reported by Infohub.kz.