State Mortgage Company is pleased to announce a reduction in interest rates on mortgage loans issued under the Government Housing Program by 1 percentage point from May 1, 2020.
Interest rates will be reduced on all mortgage loans issued before November 1, 2018 from 8-10% per annum to 7-9% per annum (depending on the down payment).
Also, under the “Individual Housing Construction” mechanism, interest rates will be reduced from 8-12% to 7-11% per annum (11% per annum for the construction period).
Lower interest rates on mortgages is one of the important measures to increase housing affordability. SMC carries out targeted comprehensive work to ease the credit burden of borrowers.
Earlier, from November 1, 2019, the State Mortgage Company reduced interest rates on newly issued mortgage loans from 7-9% per annum to 6-8% per annum, depending on the amount of the down payment.
It should be noted that the first mortgage loans under the Program of the Government of the Kyrgyz Republic “Affordable Housing 2015-2020” were issued at rates of 12-14% per annum. Over the four years of activity, with the support of the Government of the Kyrgyz Republic, SMC reduced mortgage rates by 6 percentage points.
Currently, the State Mortgage Company is working to ensure the transparency of the mortgage lending process.