According to the speaker, the President gave a start to the main parameters of the program in the first of the Five Social Initiatives "New Opportunities of Acquiring Housing for Each Family." Under the 7 – 20 – 25 program, the interest rate on the loan shouldn’t exceed 7% per year, the initial contribution should not exceed 20%, and the loan term — up to 25 years.
"Today at the meeting of the Government, the corresponding Roadmap for the implementation of new presidential initiatives was approved. The final approval of the program is expected in May of this year," O. Smolyakov said.
Obviously, second-tier banks will be identified, which will participate in the implementation of the program, taking into account their financial status, ratings, etc. As noted by the deputy chairman of the National Bank, the parameters of the maximum loan will also be determined. For example, with a loan amount of 20 million tenge, the load on the mortgage recipient will be 140 thousand tenge per month. In regions where housing prices are usually lower, the loan amount can reach 7 million tenge. At the same time, the burden on the recipient will be 50 thousand tenge per month, which can be accessible for a wide range of people.
According to the expert, the Program is feasible. Until May, it is necessary to discuss the details with all its participants, in March it is necessary to submit a package of legislative amendments to the Parliament of Kazakhstan, and in the second half of the year banks will start issuing loans through the operator of the National Bank.
"The program proposed by the Head of State will be subsidized for several years. We expect that during this time the market conditions will be as close as possible to the proposed credit conditions of the new mortgage," O. Smolyakov noted.
Answering a question from journalists about the possible increase in house prices in connection with the commissioning of a new mortgage program, O. Smolyakov stressed that the volume of housing construction in the country will be high. There will not be an excessive demand for housing. When such a demand is not confirmed by supply, then the price growth is not expected.
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