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22.01.2021

COMPLETE GUIDE. Rules for the use of pension payments to improve housing conditions were approved

COMPLETE GUIDE. Rules for the use of pension payments to improve housing conditions were approved
On January 23, 2021, Otbasy Bank Housing Construction Savings Bank JSC (a subsidiary of the Baiterek holding), an authorized operator for the targeted use of lump-sum pension payments from the unified accumulative pension fund for the purpose of improving housing conditions and paying for treatment, launches an online platform to accept applications for the use of pension savings.

Lump-sum retirement benefits can be used independently. And if the UAPF contributor does not plan to use these payments himself, he can cede them to his close relative and / or spouse.

According to the rules for using lump-sum pension payments to improve housing conditions, these payments are allowed to be used for the following purposes:

1. Repayment of debt on a mortgage loan, including in the framework of financing by an Islamic bank (partial or full). You can partially or completely repay the debt on a loan for the purchase of a home, home with renovation under one bank loan agreement, obtained from any bank or mortgage company. Also, you can repay a loan received under the system of housing construction savings, issued for the construction of an individual residential building, including the acquisition of a land plot for the purpose of individual housing construction or private household plots

2. Acquisition of housing without a mortgage (full redemption). You can buy an apartment, an individual house, a room in a hostel. A dwelling can be purchased in the primary or secondary market, as well as in a building under construction through equity participation in housing construction, which has a guarantee in accordance with the legislation of the Republic of Kazakhstan, privatization, installments, exchange, an agreement on the transfer of a share in an apartment building in accordance with the legislation on equity participation of the Republic of Kazakhstan. Housing for this purpose can be purchased at the expense of pension savings, and at the expense of pension and own funds.

3. Obtaining a housing mortgage loan under the system of housing construction savings in Otbasy Bank. You can buy an apartment, an individual house, a room in a hostel. The dwelling can be purchased on the primary or secondary market. Also, within the framework of one bank loan agreement, you can purchase housing with renovation, build an individual residential building (including the acquisition of a land plot with the designated purpose of individual housing construction or private household plots.

4. Making an initial payment for obtaining a mortgage loan (including within the framework of financing by an Islamic bank). You can buy an apartment, an individual house, a room in a hostel. Housing can be purchased on the primary or secondary market. Also, within the framework of one bank loan agreement, you can purchase housing with renovation.

5. Partial or full repayment of debt under long-term lease agreements for dwellings with the option to purchase provided within the framework of housing construction programs and anti-crisis programs.

6. Construction of an individual residential building (including the purchase of a land plot). You can build an individual residential house (including purchasing a land plot with the designated purpose of individual housing construction or private household plots) at the expense of pension savings, at the expense of pension savings and your own funds.

7. Refinancing of a housing mortgage loan. You can refinance at Otbasy Bank mortgage loans issued by other banks for the purchase of housing (including renovation), the construction of an individual residential building (including the acquisition of a land plot).

Before submitting an application, you must have a valid electronic digital signature (EDS) with an up-to-date validity period. You can clarify the available amount of pension savings on the portal of the UAPF RK.

The lump-sum pension payments for the purpose of improving housing conditions and / or payment for medical treatment defined by the rules can be used for different purposes and an unlimited number of times.

You need to log in to the authorized operator's Internet resource by means of an EDS or other electronic means, open your personal account and apply for a special account.

The applicant can also open a special account in another way, established by the internal document of the authorized operator.

After opening a special account, fill out electronic applications for a one-time pension payment indicating the number of the special account, the purpose of use, the available amount, methods of withholding and transferring individual income tax.

Funds accumulated in the pension account in excess of the sufficiency threshold and minus the IIT (individual income tax) will be available for use in the case of choosing to pay IIT without a delay. At the same time, the recipients may be provided with a deferral to pay the IIT. In this case, the client can use the entire amount of pension savings above the sufficiency threshold.

The otbasy bank, within 2 (two) working days after the consideration of the applicant's application for a one-time pension payment, sends information about the registered applications to the UAPF within the framework of an electronic notification, in the manner prescribed by the relevant agreement concluded with the UAPF.

UAPF, within 5 (five) working days from the date of receipt of the electronic notification from Otbasy, the bank transfers the amount of the one-time pension payment to Otbasy Bank, which credits it to the applicant's special account.

The recipient, after the receipt of funds to a special account, provides the Otbasy bank with documents confirming the intended purpose of lump-sum pension payments for the purposes specified in the Rules, within 45 (forty five) working days from the date of their receipt.

In case of failure to provide supporting documents within the prescribed period, these funds are subject to return to the UAPF.

In case of assignment to a close relative or spouse, lump-sum pension payments are transferred from the applicant's special account to the recipient's special account within 3 (three) business days from the date of submission of supporting documents.

The Otbasy bank checks the documents provided by the recipient for the intended purpose of lump-sum pension payments within 10 (ten) working days from the date of their submission and transfers the lump-sum pension payments for their intended purpose.

It is important to note that these funds will be maximally protected, they cannot be written off within the framework of any other debt obligations of the applicant.

Taking into account the high social responsibility, public expectations and the importance of the instructions of the President of the Republic of Kazakhstan K.K. Tokayev, JSC "Housing Construction Savings Bank" Otbasy Bank ", as an authorized operator, will not charge a commission for the provision of agency services related to the opening and maintenance of special current accounts to which pension savings will be credited, as well as for the transfer of pension payments from a special current account for their intended purpose.

If a dwelling place was purchased using lump-sum pension payments at the expense of a mortgage housing loan with a maturity of more than 5 years, it is not allowed to sell this dwelling place within 5 years, except for the following cases:

1) Sale of the pledged real estate by the mortgagee in accordance with the Law of the Republic of Kazakhstan "On mortgage of real estate";

2) Sale of immovable property by a court decision in the manner prescribed by the legislation of the Republic of Kazakhstan.

In order to control the implementation of this clause, the recipient in his personal account on the date of the transfer of the lump-sum pension payment signs a commitment to restrict the sale of real estate for which the lump-sum pension payment was used. The recipient certifies it with an EDS or other electronic means established by an internal document of the authorized operator.

If the amount of lump-sum pension payments is insufficient for the purposes stipulated by the Rules, it is allowed to use own funds.

It is not allowed to use lump-sum pension payments for the purchase of real estate from the spouse, close relatives of the recipient.

It is not allowed to sell real estate, registered in ownership using lump-sum pension payments for 5 (five) years, except for the following cases:

1) Sale of the pledged real estate by the mortgagee in accordance with the Law of the Republic of Kazakhstan "On mortgage of real estate";

2) Sale of immovable property by a court decision in the manner prescribed by the legislation of the Republic of Kazakhstan.

The full text of the Rules can be found at the link zan.gov.kz.

- Investors of the UAPF, who plan to use lump-sum pension payments in order to improve their living conditions and (or) pay for treatment, have opened special current accounts in Otbasy Bank JSC online since January 13. Currently, our Bank has more than 57,000 special accounts., - said Lyazzat Ibragimova, Chairman of the Board of Otbasy Bank JSC.

JSC Housing Construction Savings Bank Otbasy Bank is the only bank in the country that implements a system of housing construction savings. The bank is a member of the European Federation of Building Savings Banks (EFSSK) and the International Union for Housing Finance. The sole shareholder of Otbasy Bank JSC is Baiterek National Managing Holding JSC.

Additional information can be requested calling : 300

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