As of March 1, 2018 JSC "МO" Kazakhstan Mortgage Company ", a subsidiary of JSC" NМH "Baiterek" - operator of the housing construction program "Nurly Jer" in the direction of subsidizing the interest rate on mortgage loans - approved 2059 applications for a total of 21, 4 billion tenge.
The participants of the program were residents of Almaty, Astana, Aktau, Aktobe, Atyrau, Shymkent, Karaganda, Kokshetau, Taldykorgan, Taraz, Uralsk, Ust-Kamenogorsk, Kostanay, Zhezkazgan, Semey, Kyzylorda and Almaty region.
Subsidizing mortgage loans under the "Nurly Jer" program provides for a final rate for borrowers on mortgages of 10% per annum when purchasing primary housing through second-tier banks. Subsidies are provided only for mortgage housing loans issued by STB at the rate of remuneration, in the amount of 16% per annum (limit size). Under the terms of the program, the difference in bank interest of 6% is reimbursed to the bank from the republican budget through the Kazakhstan Mortgage Company.
To date, the KMC is implementing the "Nurly Jer" Program in the direction of subsidizing the interest rate jointly with seven partner banks of Bank CenterCredit JSC, SB Sberbank JSC, JSC VTB Bank, JSC ATF Bank, JSC Nurbank, JSC "Tsesnabank" and JSC "Zhilstroysberbank of Kazakhstan" (in the direction of development of individual housing construction).
At present, subsidized loans are issued under new conditions adopted by the Government of the Republic of Kazakhstan in October 2017. The borrower is provided with an alternative in providing an initial installment of 30% with an equivalent additional collateral in the form of residential property owned by the borrower or third parties. Also, as a down payment, the advance payment of the borrower to the address of the builder is considered, when providing supporting documents. The notion of primary housing has been expanded: now apartments can be redeemed not only from developers, but also from other legal entities (trading companies) realizing real estate developers.