7-20-25 programme boosts Kazakhstan's mortgage market - KazISS expert
ASTANA. KAZINFORM 7-20-25 programme boosts Kazakhstan's mortgage market, Seniour Research Fellow at the Kazakhstan Institute of Strategic Studies Anna Alshanskaya says.
In 2018, the amount of mortgage loans approved by the banks approximated 45bn tenge. About 4,000 Kazakhstanis could buy a new housing thanks to this programme.
The expert says that 7-20-25 programme made mortgage loans more affordable for the population.
This initiative is the most beneficial one as the interest rate is 7% and initial installment is 20% only, she says.
Thus, in her opinion, the 7-20-25 programme became a driver of the country's mortgage market.
According to Baspana mortgage organization, the operator of the 7-20-25 programme, in 2018, the second-tier banks of the country approved 30 mortgage loans every day to the total amount of 370mn tenge. BankCenterCredit and Tsesnabank lead in issuing the mortgage loans.
"This mortgage programme provides a good opportunity for improving well-being of various categories of people. The programme is expected to have a multiplicative effect on the entire construction sector of the country," Anna Alshanskaya added.