Answers to frequently asked questions on the "7-20-25" program

Question

Answer

I. GENERAL QUESTIONS

1. Where can I learn more about the Program and its terms?

On the official Internet resource of the National Bank of the Republic of Kazakhstan at the link http://www.nationalbank.kz/?docid=3555&switch=russian 

2. What are the main conditions of the Program?

Rate 7% per annum
Initial payment - 20%
Loan term - up to 25 years

3. What is the value of the annual effective interest rate (AERR)?

HPER is an estimated value and will differ depending on the loan term. For example, the value of GESV for a 25-year loan term will be about 7.2%. However, it should be understood that for the borrower, the actual interest payments will be calculated based on 7% per annum .

4. How long will the Program last?

The program is unlimited.

5. In what currency can a loan be obtained?

Only in tenge.

6. What fees will be charged by banks?

Loan origination and maintenance fees are prohibited.

II. WHERE AND HOW TO OBTAIN A MORTGAGE LOAN?

7. When and where to apply for a loan?

To obtain a loan under the Program must apply to the participating bank.
Information about the beginning of the procedure for issuing loans and a list of participating banks will be additionally posted on the Internet resource of the National Bank of the Republic of Kazakhstan at the link http://www.nationalbank.kz/?docid=3555&switch=russian .

8. What documents are required to participate in the Program?

To participate, you need documents confirming the borrower's compliance with the terms of the Program, including in relation to the availability of income from labor and (or) entrepreneurial activity, as well as other documents in accordance with the requirements of the bank.

III. REQUIREMENTS TO THE BORROWER

9. What are the requirements for obtaining a loan? 

To receive a loan under the Program, an individual must meet the following requirements:
1) have citizenship of the Republic of Kazakhstan;
2) availability of income from labor and (or) entrepreneurial activity;
3) the absence of outstanding debt on housing mortgage loans;
4) the absence of housing on the territory of the Republic of Kazakhstan on the basis of ownership at the time of contacting a bank participating in the Program. Banks may establish additional requirements for the borrower that do not contradict the terms of the Program. 

10. If I have no official income, I do not work anywhere, can I get a loan under the Program?

A citizen with no income, i.e. a person who is not solvent will not be able to obtain a loan under the Program.

11. What is the salary (income) needed to get a loan?

The minimum income level of the borrower is not set by the Program. At the same time, the borrower needs to have confirmed income sufficient to service the mortgage loan.
In case of insufficient income of the borrower, it is allowed to attract a co-borrower .

12. Is it possible to attract a co-borrower ? Can a spouse, close relatives be co-borrowers ? Do the homeownership requirements apply to the co-borrower ?

Attraction of co-borrowers is allowed. The requirements established by the Program for borrowers do not apply to co-borrowers , for whom the bank sets requirements on its own.

13. Would other outstanding loans be an obstacle to obtaining a loan? Previously, I had loan delinquencies, can I get a loan?

The program prohibits the issuance of a loan to a person who has an outstanding home mortgage loan.
The availability of other loans will affect your credit rating and the size of your potential loan under the Program.
Overdue loans in the borrower's credit history will negatively affect the credit assessment of the borrower carried out by the bank participating in the Program.

14. Does the Program have age limits for the borrower?

The Program does not provide for restrictions on the age of the borrower. The loan term will be determined by the borrower in agreement with the bank.

15. Will the period until the borrower's retirement age be taken into account when issuing a loan under the Program?

The program does not establish a relationship between the term until the borrower's retirement age and the term of the loan. The loan term will be determined by the borrower in agreement with the bank.

16. Can civil servants, military personnel, people with disabilities, large families participate in the Program? Provided there for these people special privileges?

Participation of all categories of citizens of the Republic of Kazakhstan is allowed.
The terms of the Program are the same for everyone and therefore no benefits for certain categories of citizens are provided.

IV. REQUIREMENT FOR NO HOUSING

17. How long should I not own a home to participate in the Program?

There is no time limit. The borrower must not own a home at the time of contacting a bank participating in the Program for a loan.

18. Is it possible to participate in the Program if the spouse owns housing, but the borrower does not?

The homelessness requirement applies only to the borrower.

19. Is it possible to get a loan if there is a housing in common shared ownership?

Yes. The lack of housing requirement applies to residential real estate, while ownership is not a separate residential property.

20. Can I get a loan if I have already signed a lease agreement with the option to purchase?

One of the criteria for participation in the Program is the lack of housing on the right of ownership. Accordingly, a citizen has the right to apply to a bank for a loan, provided that at the time of contacting the bank, rental housing has not passed into his ownership.

V. ON THE INITIAL PAYMENT

21. How is the down payment calculated?

The down payment is calculated at 20% of the mortgage value of the purchased property. Determination of the collateral value of the acquired housing is carried out by the participating bank.

22. Is it possible to provide other housing as a security deposit instead of the initial payment?

No. The down payment must be made in cash.

23. Is it possible to use pension savings or a contribution to HCSBK to pay the initial contribution?

The down payment is paid with the borrower's own money, so the use of pension savings is not possible.
The accumulation of a contribution to the HCSBK is intended for citizens who wish to purchase housing, but do not have the opportunity to provide an initial contribution at once. Participation in the housing construction savings system by accumulating a deposit gives citizens the opportunity to get a loan at relatively low rates (3% -5%).

24. Can I make a down payment of less than 20%? Is it possible to pay by installments?

The down payment of 20% is fixed and is paid in a lump sum before the loan is received.

25. What to do if there is no funds to pay the initial payment?

For those citizens who are not able to provide an initial payment at once, there is an opportunity to purchase housing through participation in the system of housing construction savings, by replenishing money on a deposit in the HCSBK.

26. Is it possible to make a down payment of more than 20%?

The down payment of 20% is fixed and is paid in a lump sum before the loan is received.
If you have more funds to make your down payment, you can use other mortgage products that offer the option of making a larger down payment.

VI. APPLICATION AREA OF THE PROGRAM

27. Is it possible to get a loan for purchasing housing abroad ?

No. The program provides for the possibility of obtaining a loan for the purchase of housing in the Republic of Kazakhstan.

28. Will a citizen with a residence permit in one city be able to purchase housing on credit in another city? Will villagers be able to purchase housing under this program in cities?

Restrictions on the location of the acquired housing, as well as on the actual place of registration of the borrower are not established.

Vii. HOUSING REQUIREMENTS

29. What are the requirements for housing? Is it possible to purchase unfinished housing?

Only newly built housing from the developer is allowed, put into operation.

30. What is the maximum cost or area of ​​housing that can be purchased?

The maximum cost of housing is:
25 million tenge - for the cities of Astana, Almaty, Aktau, Atyrau;
15 million tenge - for other regions.
The cost of 1 square meter of housing, as well as the area of ​​housing, is not limited.
There is also no maximum loan amount set, only an initial payment of 20% must be taken into account.

 31. Is it possible to get a loan for purchasing housing in rural areas or for purchasing a private house?

It is allowed if the given housing belongs to the category of newly built and commissioned housing.

32. What is the allowed year of housing construction?

The program does not limit the years of housing construction, because only primary housing is allowed, put into operation.

33. Is there a list of new buildings and residential complexes of primary housing, for the purchase of which loans will be issued ?

There is no such list and will not be , since the borrower independently chooses the primary housing.

VIII. MAINTENANCE AND REPAYMENT OF THE LOAN

34. Is it possible to repay the loan ahead of schedule, will there be fines?

The program does not prohibit the possibility of early repayment of the mortgage loan, in this case there are no penalties.

35. Can I get a mortgage loan under the Program for a period of less than 25 years?

The terms of the Program allow a loan term of up to 25 years. The limitation applies only to the maximum loan term.

36. Is it possible to refinance previously received mortgage loans?

Refinancing is not allowed.

37. Is it possible to sell housing on credit under the Program and take the same one again?

One of the requirements of the Program for the borrower is that he does not have outstanding mortgage loans. Thus, being a participant in the Program and having a valid mortgage loan, it is impossible to take a new one on the terms of the Program. Moreover, in case of full repayment of the mortgage loan, the Program allows you to get a new loan subject to the terms of the Program.

38. If I take out a loan under the Program, can I not repay the loan and keep my home for 25 years?

Mortgage loans under the Program are provided on terms of payment, urgency, repayment. The purchased housing is collateral for a mortgage loan. Accordingly, if the borrower does not repay the mortgage loan, the bank, as the mortgagee, has the right to foreclose on the collateral for the mortgage loan.

39. What is the amount of monthly payment expected for housing worth 5 million - 25 million tenge?

Preliminary calculations for an approximate monthly payment under the Program with a loan term of 25 years:
Housing cost, tenge Down payment, tenge Amount of monthly payment, tenge 5 million 1 million 28 thousand 10 million 2 million 57 thousand 15 million 3 million 85 thousand 20 million 4 million 113 thousand 25 million 5 million 141 thousand For additional calculations of the monthly payment, use the calculator at the link http://www.nationalbank.kz/?docid=1386& amp; switch = russian .
 




 

IX. OTHER QUESTIONS

40. Are there any waiting lists for loans?

The program does not provide for priority in obtaining loans, since absolutely equal conditions for participation were established for all citizens of the Republic of Kazakhstan.

41. Is the program a state aid in the form of distribution of new housing to the population in installments?

The program should in no way be perceived as gratuitous assistance to the population of the state and should not generate dependency among the population.
All the conditions of the Program, which are in its basis, are built on the principles of long-term and stability. Only strict adherence to all conditions of the Program and compliance with payment discipline will allow potential borrowers to resolve their housing issues.

42. How and where can the bonds of the Program operator be purchased?

Bonds uu IO " Baspana " will be placed on the Kazakhstan Stock Exchange (KASE). Information on the beginning of the placement of bonds will be published additionally. It will be possible to purchase bonds by using the services of brokerage companies, the list of which is posted on the official Internet resource of the National Bank http://www.nationalbank.kz/?docid=3030&switch=russian .