Aidar Arifkhanov: ‘Otbasy Bank is working on preferential mortgage program for residents of single-industry towns’

Otbasy Bank, a subsidiary of Baiterek Holding, is developing a preferential mortgage program for residents of single-industry towns with low development potential. This was announced by Aidar Arifkhanov, Chairman of the Board of Baiterek Holding, at a meeting of the Government of the Republic of Kazakhstan.

The mortgage program is expected to have the following characteristics: down payment – 10%, interest rate – up to 5%, loan term – up to 20 years.

– We are discussing the main parameters of the program with government agencies. According to preliminary calculations, it will be necessary to allocate about 11 billion tenge from the republican budget annually in 2022-2025 to implement the program. It is set to be launched in the first quarter of 2022, – said Aidar Arifkhanov.

The head of Baiterek Holding also stated that last year akimats were financed with 163.7 billion tenge which is 100% of the plan. This money was used to build mortgaged real estate through the redemption of bonds.

Speaking of the system of housing construction savings, 82.2 thousand preferential loans for 1.235 trillion tenge were issued in 2021. Otbasy Bank concluded 2.2 million contracts worth 1.5 trillion tenge.

In addition, 70 housing construction projects that built ​​2 million square meters of housing were guaranteed for a total of 372 billion tenge.

Also, it was planned to subsidize 20 billion tenge worth of loans to private real estate developers. As a result, the plan has been over-fulfilled with 27.8 billion tenge worth of loans having been subsidized (this is 275 thousand square meters of real estate).