The number of credits to construct and buy homes showed the stable growth at the end of November 2018 and reached KZT1.4 trillion, a 19% rise compared with 2017, Ranking.kz has informed.
One of the key factors ensuring the high quality of a portfolio of mortgage credits in Kazakhstan is the work of the House Construction Savings Bank of Kazakhstan. The delay share in the Bank’s loan portfolio equaled 1.5% (a year ago – 1.7%). And the number of credits rose by 45.7%, to KZT649 billion, within the last year.
The Bank, being the key operator of the national housing construction programme "Nurly Zher" provides affordable mortgage credits to the population without increasing the burden of toxic credits on the credit portfolio," the study says.
Note, mortgage debt is a serious issue in the country. Earlier the National Bank of Kazakhstan has allocated KZT130 billion as part of the programme for refinancing mortgage credits issued in the period from 2004 to 2009. As of January 10, 2019, 25.8 thousand credits accounting to KZT159.7 billion have been issued, over 24 thousand mortgage credits for KZT139.7 billion have been refinanced.
Also, the financial regulator prolonged the term of refinancing currency mortgage credits until July 15. As of January 10, 2019, 5.9 thousand applications for KZT48.5 have been approved to refinance currency credits issued until January 1, 2016, and 4.5 thousand credits for KZT35.1 billion were refinanced.
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