“Zhilstroisberbank” obtains long-term credit for housing program implementation

“Besides, we have obtained a long-term fiscal credit of KZT 23.5 bln from Kazakh Ministry of Finance for granting of preliminary credit loans for 4 per cent per annum to the state program’s participants”, M. Utegulov said.

After completion of the construction and putting into operation, the property buyers can get preliminary housing loan at a rate no higher than 10.5 per cent in our bank. “We plan that the total crediting period will not exceed 15 years. Besides, using the preliminary housing loan the loaner will repay only per cents, and the principal debt won’t be repaid until the period of savings is expired. At the same time, the loaner should save 50 per cent from the cost of apartment. After that the loaner obtains a principal housing loan, which refinance the preliminary housing loan. As a result, the debt decreases twofold and the rate goes down to 4.5 per cent. Thus the monthly payments reduce four times”, M. Utegulov emphasized.

“Zhilstroisberbank” JSC is one of the participants of the Stabilization Plan of the Kazakh Government, National Bank and Financial Supervision Agency. The bank is also an operator of the state housing construction program for 2008-2009.