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A financial expert has outlined a method that could potentially reduce monthly loan payments and outstanding debt for Kazakhstani citizens by as much as two to four times. However, it's crucial to note that this approach is not universally applicable and comes with specific conditions.

Refinancing Through 'Otbasy Bank'

According to financial specialist Sultan Elemesov, the most cost-effective loan currently available in Kazakhstan is the interim loan offered by 'Otbasy Bank'. This option is particularly relevant for individuals who own an apartment without a mortgage and have managed to save at least 50% of their total debt, potentially using funds from the Unified Pension Savings Fund (ENPF).

The strategy involves refinancing existing, more expensive loans. By obtaining this cheaper interim loan from 'Otbasy Bank' to purchase an apartment, individuals can then sell that apartment. If the sale price is at least equal to the purchase price, the proceeds can be used to clear existing debts. This leaves them with the more affordable 'Otbasy Bank' mortgage to manage.

Legal Framework for Debt Restructuring

Furthermore, Kazakhstan's Law 'On Restoration and Bankruptcy' provides a legal basis for citizens facing temporary payment difficulties. This legislation allows individuals to restructure their debts, offering a potential pathway for those struggling to meet their financial obligations.