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Starting July 1st in Almaty، Kazakhstan will implement stricter lending regulations، significantly impacting individuals without official sources of income. Banks are set to scrutinize applicants' earnings much more closely، potentially making it difficult or even impossible for many to obtain loans.

Stricter Income Verification

The core of these changes lies in the revision of macroprudential norms، specifically the debt burden ratio and the debt-to-income ratio. These indicators are crucial for assessing a borrower's ability to manage loan repayments relative to their earnings.

New Rules and Official Income

Under the new rules، banks will base lending decisions directly on an applicant's official income. This includes income reflected through pension contributions and mandatory health insurance payments. This enhanced verification process aims to provide financial institutions with a clearer picture of a borrower's true financial capacity.

Impact on Informal Earners

In practical terms، this means that Kazakh citizens receiving 'envelope' salaries or working without official registration will face considerable challenges when applying for consumer loans، car loans، or mortgages. If a bank cannot verify the source and amount of an applicant's income، it may refuse to grant the loan. This development has been confirmed by the head of the National Bank of Kazakhstan.

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