By the order of the acting Minister of Industry and Construction, amendments have been made to the Rules for financing housing construction and acquisition through the republican budget, issuing government securities, monitoring and implementing housing to citizens in need of housing.
The new version now states that "Otbasy Bank" will finance the purchase of credit housing by queue holders from local executive bodies within the capabilities of the republican and local budgets. The bank will provide housing loans at an interest rate of 0.01% per annum for a term of 25 years and at an interest rate of 0.15% per annum for a term of 20 years.
The bank will also provide financing for housing outside the capital, cities of republican significance, and regional centers through repayable funds, with a minimum of two thousand loans annually. The loans will be offered at a maximum interest rate of 2% per annum for certain categories of individuals with specific family income criteria.
The categories include orphans, children without parental care, mothers with multiple children, disabled individuals, and families with disabled children. The bank will determine co-borrowers as per internal documents.
The order also includes provisions for the distribution of remaining housing among different categories if there is surplus. Additionally, the bank will provide housing loans at an interest rate not exceeding 5% per annum to citizens permanently residing in a specific locality and meeting certain income criteria.
The mandatory conditions for housing loans include a term of up to 20 years, specific loan purposes, the presence of housing savings, and a maximum loan amount based on the property's value.
Furthermore, the rules now include a new chapter outlining the procedure for implementing housing projects by private developers, with mandatory infrastructure requirements and a two-year warranty period for the acquired housing.
The order is effective immediately upon signing, aiming to improve access to housing for those in need across Kazakhstan.
