• Home page
  • Digest
  • The first loan of the “Housing Finance Program” was issued. State mortgage company OJSC ...

The first loan of the “Housing Finance Program” was issued. State mortgage company OJSC beginning "Housing Finance Program" financed by the Government of Germany, through KfW Bank.

03 December 2019

 The first loan of the “Housing Finance Program” was issued.  November 29, 2019, a branch of the "KICB" Closed Joint Stock Company in Kara-Balta of Zhayyl district of Chui region issued a mortgage loan to the very first participant of the "Housing Finance Program"  Nargiza Otunchieva.

 

  State mortgage company OJSC  beginning  "Housing Finance Program" financed by the Government of Germany, through KfW Bank.  Citizens of the Kyrgyz Republic in the regions of the country (except the cities of Bishkek and Osh) will have access to mortgage lending at a rate below market (10% per annum, with an initial payment of at least 20% of the cost of housing for up to 15 years).  In accordance with the "Housing Finance Program" mortgage lending will be carried out in three main areas:

  • Purchase housing  "Kut conush»;
  • Purchase housing with subsequent reconstruction "Bek Ustun»;
  • Financing of Individual Housing Construction - “Ashar».

As part of  Нousing Finance Program, participants will be able to purchase new housing, renovate the purchased housing, and build a house on their land. 3 commercial banks were selected to implement the "Нousing Finance Program" under KFW:

  • «RSK Bank» OJSC
  •  «KICB» OJSC
  • «Kyrgyzstan» OJSC

Participant of the "Housing finance programe"  Nargiza Otunchieva  head of the educational part, teacher of mathematics and Informatics of the humanitarian and economic College " ABAY, she has 23 years of teaching experience: "I love my job and am glad that I was able to buy a house without leaving the country." The main mission of our College is to train professional teachers, lawyers, economists and the formation of a reserve of managers». And most importantly, I liked that I directly applied to the Bank, it is very convenient, as I quickly issued a mortgage and buy a house”.

   

 The main difference between the "Нousing Finance Program" through KFW is the direct appeal of citizens to partner banks, without recourse to local administrations.  This reduces the financial costs and time of participants  the program, as well as facilitates the procedure for obtaining a mortgage loan.