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KMC announced the launch of a new mortgage product

One of the largest non-bank financial institutions in Kazakhstan, “Mortgage Organization “Kazakhstan mortgage company” JSC (hereinafter - Company), a subsidiary of “National Management Holding “Baiterek” JSC, announced the launch of a new mortgage lending program. Mortgage “Orda” will be available to kazakhstani by the end of this month.

The new mortgage from “MO “KMC” JSC will provide an opportunity to purchase real estate in the primary and secondary housing market for all citizens of Kazakhstan, regardless of whether they have an another property. Lending will be carried out through second-tier banks, which will act as partners of “MO “KMC” JSC in attracting and issuing loans to consumers.

When full confirmation of capacity to pay, the mortgage loan rate for borrowers will be 12% per annum, when partial confirmation of income - 14% per annum. The maximum loan amount is 40 million tenge, the minimum is 1 million tenge. Loan term - up to 20 years. Mortgage will be available in 16 cities of Kazakhstan. Any citizen of Kazakhstan aged 21 and over can become a borrower. At the time of loan repayment, the age of the Borrower or Co-Borrower must not exceed the retirement age.

Mortgage “Orda” involves making a prepayment from 30% of the cost of housing with full proof of income and 50% with partial confirmation. In this case, the initial payment may be replaced by an additional pledge in the form of real estate owned by the borrower or third parties.

Adil Mukhamedzhanov, Chairman of the Board of “MO “Kazakhstan Mortgage Company” JSC: “Following our mission - to increase the affordability of housing through the implementation of various mortgage programs, we developed a mortgage that will improve our housing conditions for more Kazakhstani residents. The optimal interest rate, adjustable loan period and down payment amount, the possibility of partial confirmation of income, as well as an impressive maximum loan amount are flexible conditions that are needed in the market today. Borrowers, having chosen primary parameters convenient for themselves, will be able to determine an acceptable monthly payment and buy almost any housing they like.”

Having experience in promoting mortgage products through partner banks in the framework of the implementation of the “Subsidizing the interest rate on mortgage loans” direction of the “Nurly Zher” housing program, the Company intends to use the same scheme of working with second-tier banks: the client chooses an apartment independently and contacts the bank partner, partner bank accepts the necessary documents and sends the petition to the Company, the Company, in turn, verifies the borrower's solvency and gives the Bank a decision. The deadline for consideration of the application will be no more than three working days, except as specified by the program. When approving a loan, the Kazakhstan Mortgage Company will act as a pledgeholder and creditor.

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