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The President of the Kyrgyz Republic Sooronbai Jeenbekov discussed with the head of the State Mortage Company OJSC Elmira Abzhaparova prospects of realising program to provide citizens with affordable housing.

12 September 2019

The President of the Kyrgyz Republic Sooronbai Jeenbekov discussed with the head of the  State Mortage Company  OJSC Elmira Abzhaparova  prospects of realising  program to provide citizens with affordable housing.

The President of the Kyrgyz Republic Sooronbai Jeenbekov today, September 12, received the Chairman State Mortage Company  OJSC  Elmira Abzhaparova.

  

The meeting discussed actions to improve the state policy in the system of providing citizens with affordable housing and the system of state mortgage lending. The President reminded that the State mortgage company solve the task  of increasing the availability of mortgage loans for citizens taking into account their solvency. Elmira Abzhapparova informed that currently the State mortgage Company took an active policy on attracting donor funds in order to subsequently move away from dependency of government funding. She added that in this direction is actively working with international financial institutions, will soon begin the implementation of grant funds of the German Bank "KFW".   Regarding the reduction of the interest rate, the Head of the company said that the company plans to start the process of issuing mortgage loans at 6% in the near future. The possibility of reducing the interest rate on existing loans to 7% is also being considered. At the moment , the company has financed more than 4 thousand mortgage loans worth about 5 billion soms. In order to improve the convenience of citizens in obtaining mortgage loans, the company is introducing an electronic application system, which will be integrated with the system of interdepartmental electronic action "Tunduk".  Elmira Abzhaparova added that as  a result  to the money received from the sale and placement of mortgage bonds has introduced a new product "Affordable mortgages" for all categories of citizens, for them  the rate will be 14% per annum in soms for 15 years with its own contribution of 20%.  In addition, she noted that active work is underway to introduce a new system of contractual housing savings, through the formation of a specialized financial and credit organization.   A original and beneficial feature of this system is the possibility of gradual accumulation of savings from citizens, including those working abroad to form their own contribution. At the end of the savings period, the participants of the system will be able to get a mortgage loan at preferential interest rates for 15 years in the national currency-som.