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Many Kazakhstanis who applied for mortgages under the 'Nauryz' program offered by Otbasy Bank have been left disappointed, reporting that their applications were rejected due to unmet requirements. Online discussions reveal growing frustration among citizens who feel misled by information provided by bank employees and brokers.

Discrepancies Between Expectations and Reality

Reports suggest that numerous individuals deposited funds into Otbasy Bank's family savings accounts, waiting for the required six months before applying for a mortgage. However, they were subsequently informed that their savings were insufficient. In some cases, families who had been saving since 2020 and held over 7.7 million tenge in special deposits were only offered a mortgage for an apartment valued at 13 million tenge.

The gap between the promises made when the program launched and the actual requirements during the application process has angered many. Some applicants, left with no other options, have withdrawn their savings and turned to other banks' programs, such as the '7-20-25' initiative.

Understanding the 'Nauryz' Mortgage Requirements

The 'Nauryz' program is a state-subsidized mortgage initiative. It offers loans at an interest rate of 7% for socially vulnerable groups and 9% for other citizens. To qualify, applicants must not have owned property in the last five years and must have at least 2 million tenge in savings with Otbasy Bank.

Beyond the savings amount, the duration for which the funds have been held in the deposit account also plays a significant role. The initial down payment ranges from 10% to 20%, with loan amounts reaching up to 36 million tenge in major cities and 30 million tenge in other regions. In Astana, Almaty, and Shymkent, only newly constructed properties are eligible for purchase under this program.

Why Were So Many Applications Unsuccessful?

According to bank representatives, the selection process for the 'Nauryz' program utilizes a points-based system. The higher the savings amount and the accrued interest, the greater the chance of an application being approved. Out of over 26,000 applications submitted, approximately 16,000 were approved through this system.

Priority was often given to young families without existing property and with stable incomes. The average age of successful applicants was 32, with an average saving of around 4.3 million tenge. Additional factors such as being married, having children, being under 35 years old, and social status also contributed to accumulating points for approval.