Volume of mortgage loans in Kazakhstan increases by one third over 2020
The mortgage portfolio in Kazakhstan amounted to 2 trillion 450 billion tenge at the end of April, increasing by more than 32 percent over the year, ranking.kz reported. According to the Agency for Regulation and Development of Financial Market, the growth rate of the banks’ mortgage portfolio was at the level of more than 30 percent in 2019 to 2020. The driver for the development of mortgage lending in Kazakhstan were the state programs of concessional lending, including “Nurly Zher”, “7-20-25” and others, as well as mortgage product “Baspana hit”. Kazakhstan has concessional programs that are available to all citizens, and also special lending tools for socially vulnerable segments of the population. In addition, interest rates on soft loans in the country are fixed and are not subject to change during the term of the loan. They are also lower than the base rate of the National Bank. In the housing affordability ranking, Kazakhstan rose to 35th place in 2021 from the 47th last year.