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Aug 19, 2017 9:41 AM
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Nurly Zher (Subsidization)

Nurly Zher (Subsidization)
  • 10% – maximum mortgage rate
  • 0% – commission
  • Designated purpose – purchase of primary housing
  • From 30% – initial contribution
  • Up to 15 years – mortgage term, 10 years – maximum term of subsidization
  • 20 million tenge – maximum subsidized loan amount for Almaty, Astana
  • 15 million tenge – maximum subsidized loan amount for the regions

General information

JSC "MO" Kazakhstan Mortgage Company " participates in the implementation of the Housing Construction Program " Нұрлы Жер "in the areas of increasing the availability of mortgage lending through subsidizing the interest rate on mortgage loans issued by second-tier banks.
 
Subsidies are provided only for mortgage housing loans issued by STB at a remuneration rate that does not exceed the level of the base rate of the National Bank of the Republic of Kazakhstan by more than 5%, valid at the time of the decision to subsidize.
 
Loans are given for the acquisition of primary housing from the developer.
 
After the subsidy, the interest rate for the ultimate borrower should be 10% per annum. With a decrease in the base rate of the National Bank of the Republic of Kazakhstan, the size of subsidies will be reduced for newly issued loans.

To date, 7 banks have confirmed participation in the program: Tsesnabank JSC, Sberbank JSC, Bank CenterCredit JSC, ATF Bank JSC, Bank RBK JSC, Zhilstroysberbank of Kazakhstan JSC, Tengri bank JSC.
To date, accept the applications of  JSC Bank CenterCredit ,  JSC ATFBank


Advantages of the Program
- The monthly payment for the borrower is reduced by 30-40%;
- Loans are given in tenge;
- No queue is required;
- The number of available housing in the property does not matter;
- Any citizen of Kazakhstan can apply;
- There are no additional commissions.

Terms of the Program
 
The obligatory conditions for the participation of the borrower in the Program are:
• Loan term - up to 180 months;
• availability of funds on the borrower's account in the amount of 30% of the value of the acquired housing;
• purpose - purchase of primary housing (housing that is put into operation and has not been re-registered);
• The maximum amount of the mortgage housing loan to be subsidized is up to 20 million tenge in the cities of Astana and Almaty and up to 15 million tenge in other regions;
• The maximum period of subsidization is 120 months, but not more than the credit period;
• Interest rate - 10% per annum for the borrower.
 
Within the framework of the Program, second-tier banks do not charge any fees, fees and / or other payments related to the receipt / servicing of loans / concluding a subsidy agreement, except for cases provided for in the procedure for granting a subsidy to reimburse part of the interest rate on mortgage housing loans issued Banks to the population.
It is not allowed to subsidize the interest rate on mortgage loans directed at consumer purposes, refinancing a loan, purchasing non-residential real estate, a land plot.

Examples of calculations
The cost of the apartment is 15 000 000 tenge (new housing);
Initial payment - 30% - 4 500 000 tenge;
The loan amount is 10 500 000 tenge;
Loan term is 180 months (maximum);
The interest rate is 15.5% of which 10% is paid by the borrower, 5.5% by the KMC.
The term of subsidization is 120 months (maximum).
 
Under these conditions, a monthly payment of 15.5% would be 150 569 tenge. Subject to subsidies, the payment for the borrower will be 102,513 tenge (KMC reimburses 48,056 tenge). Thus, the burden on the borrower is reduced by 32%
The cost of the apartment is 28 570 000 tenge (new housing);
Initial payment - 30% - 8 570 000 tenge;
The loan amount is 20,000,000 tenge;
Loan term is 180 months (maximum);
The interest rate is 15.5% of which 10% is paid by the borrower, 5.5% by the KMC.
The term of subsidization is 120 months (maximum).
 
Under these conditions, a monthly payment of 15.5% would be 286 798 tenge. Subject to subsidies, the payment for the borrower will be 195,262 tenge (KMC reimburses 91,536 tenge). Thus, the burden on the borrower is reduced by 32%