Housing Program 7-20-25: Mortgage, Conditions, Rules

What is "7-20-25"

The original goal of the "7-20-25" program is to create affordable mortgages for many segments of the population. For this purpose, the following resource allocation mechanisms are provided:

• the interest rate on the loan does not exceed 7% per annum (in banks it reaches 15% or more ), the initial contribution does not exceed 20%, banks require up to 30% In order to reduce as much as possible the monthly payment of the population, the duration of the loan is increased to 25 years instead of the needs banks in 10 to 15 years

. returnable. The first loans were issued on July 4, 2018.

The conditions offered by the authorities will not only allow to buy living spaces on credit, but also to successfully serve the loan with the possibility of having a loan. a family budget. Who can participate in the program

A housing loan is issued in national currency, and the right to participate in the program

All citizens of Kazakhstan having an official job who have reached adulthood have

The main factors to consider when approving a mortgage are solvency and a stable income. Banking organizations are currently dealing with additional criteria. Further tightening of the criteria is not excluded. This is necessary to be able to use the mortgages of those who really need to buy housing (low-income citizens, families with difficult housing conditions, young families etc. ). High-income citizens claiming a third apartment will not be able to benefit from the preferential program

Documents and Conditions

Conditions that the "7-20-25" program proposes:

• citizenship of the Republic of Kazakhstan;
• availability of income from work or business, confirmed by an excerpt from the accumulated collective pension fund of his own pension account for the last six months;
• Workplace Income Certificate for the last six months;
• Indium tax return It is not only the new buildings, but also the real estate, for which the property right is registered for the first time. Initially, the developers allowed the possibility of including "secondary housing" in the program, but at later stages of the sale, but this has not been documented.

There are restrictions on the maximum cost of housing purchased (no credit). For Astana, Aktau, Almaty, Atyrau, the maximum price is 25 million tenges, for the other regions – 15 million tenges

What are the risks of losing one's housing

In case of rupture of contract, stringent measures are expected. And the National Bank insists on the ineligibility to introduce restrictions on the implementation of single housing in judicial and extrajudicial proceedings. If there is a delay in the existing agreement, the bank is required to inform the borrower. At first, the savings methods of debt restructuring are badumed. In case of delay of a loan of more than three months, the banks are responsible for reimbursement of the rights of the operator.