24 July, 2018

Features of Program 7-20-25 and differences from Nurly Zher in interview with Kaiyrbek Uskenbayev

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Housing problems have always been relevant. With the launch of the new Mortgage Program “7-20-25” in Kazakhstan, this issue has been among the leaders. Many Kazakhstanis are thinking about purchasing housing under this program. Meanwhile, to date about 100 people have already obtained loans on favorable terms, reports primeminister.kz.

Vice Minister for Investments and Development of Kazakhstan Kaiyrbek Uskenbayev, in an interview with Primeminister.kz, spoke about the implementation of the housing program 7-20-25, its impact on the Nurly Zher State Program and presented the first results of the work done.

— Earlier the Minister for Investments and Development Zhenis Kassymbek said that the programs 7-20-25 and Nurly Zher will work in parallel and will not interfere with each other. Is that right? How was it possible to achieve this? What changes have been made to the Nurly Zher? Are there any other changes planned?

— The Nurly Zher program, implemented since 2017 and the mortgage program 7-20-25 started in July 2018, do not interfere with each other, but, on the contrary, working in parallel create new opportunities for citizens to improve their living conditions:

1) The purpose of the program 7-20-25 is to provide the population with mortgages at low interest rate to buy housing in new buildings. It is a mechanism of cheap resources and everyone who works can buy an apartment on credit. Its main conditions: the interest rate on the loan is reduced to 7% per annum, the initial contribution is not more than 20%, and to reduce the burden on paying a monthly payment, the loan period is extended to 25 years.

2) At the same time, the purpose of the State Housing Construction Program "Nurly Zher" is the integrated solution of housing issues of the population, through the implementation of its five tasks:

- construction of rental housing without a ransom,

- construction of credit housing,

- development of individual housing construction,

- stimulation of housing construction by private developers,

- construction of housing with the involvement of subjects of the quasi-public sector.

By the decree of the Government of June 22, 2018, a number of changes were made to the Nurly Zher program.

So, in connection with the introduction of 7-20-25, the direction on subsidizing mortgages of citizens with the preservation of obligations to pay subsidies on concluded contracts have been excluded from the housing program (more than 3 thousand people purchased housing on preferential mortgage).

In order to increase the supply of new housing and to ensure the growing volumes of construction, measures have been taken to increase the financing of infrastructure construction to the areas of housing construction.

For the active participation of private developers in the program, the akimats are given the right to purchase the constructed facilities.

The possibility to purchase credit housing is provided for depositors of Housing Construction Savings Bank, as well as for customers of second-tier banks.

There are provisions for state and non-state enterprises to support their employees. Such organizations will be able to issue housing loans to employees, including as a down payment. This is a significant help for solving the housing problems of teachers, doctors and civil servants.

All these conditions will give a greater impetus to the development of the mortgage program due to affordable price parameters for which akimats build housing (at prices of 140-180 thousand tenge per square meter, the constructed housing is sold to depositors of the bank for three months and the balance of unrealized housing to customers of second-tier banks).

— What are the differences between these two programs? Which categories of population are these programs for?

— It should be noted here that these programs can not be compared, they complement each other and are designed to solve the housing problems of people in need of various categories of citizens.

At the same time, one of the main distinctive features of the programs is financing measures.

If the Nurly Zher program provides for the participation of all sources of financing, both budgetary and attracting private investments and household funds, within the framework of the 7-20-25, the established Baspana mortgage company is engaged in placing funds in second-tier banks (due to the repurchase of the rights of claims of second-tier banks).

Both programs provide opportunities for all solvent citizens who need housing and do not own housing.

At the same time, for the low-income, socially vulnerable segments of the population, the program Nurly Zher provides for the construction and provision of rental housing without redemption and inexpensive lending by the akimats.

— How many people have already applied for participation in the 7-20-25 program since the beginning of its implementation? How many loans are issued a day? Did the program show its viability?

— According to the National Bank, as of July 18, 2018, starting from July 4, 2018, the participating banks received 5,528 applications from citizens, of which 148 applications were submitted to the credit committee and 95 mortgage loans were granted for 1.1 billion tenge.

Since the mortgage program started only in July, it's too early to talk about its viability. At the same time, its viability depends on various facts:

- presence of the initial payment;

- confirmation of solvency;

- lack of housing in the property;

- availability of primary housing for purchase and compliance with other program requirements.

— How much housing will be sold under this program? Can it be the case that the number of applicants for housing will exceed the number of apartments planned for sale?

— It is natural that demand will generate supply, and there is a demand, and after the introduction of the program7-20-25 it will only increase.

So, today only the number of citizens officially registered akimats is 492,500, people with housing deposits in the Savings Bank — more than 1 million investors. At the same time, there is a number of unregistered citizens who need housing, who are not registered in the above-mentioned queues.

According to the results of the first half of 2018, 49,700 dwellings were put into operation under the Nurly Zhol, of which 20,500 are individual houses and 29,000 — apartments in multi-storey houses. Until the end of the year it is planned to build another 54 thousand dwellings.

Over the 5-year period, with the attraction of 1 trillion tenge by the National Bank it is expected to issue more than 66,000 loans to the population for the purchase of new housing (it was calculated that the average amount of one mortgage is 15 million tenge).

The above measures to update the mechanisms of the Nurly Zher program will stimulate the construction of housing.

— Why are there so big lines in the departments of the Construction Savings Bank since July 1? Is such an influx of customers connected with the beginning of the program 7-20-25? What work is being done in this direction by the ministry?

— Indeed, there is an issue of queues in this bank and not only after the introduction of the program 7-20-25, but also during the period of holding various actions of the bank, the implementation of its own My Home program, the solution of housing issues of servicemen, and also at the end of the year. People trust this bank and make savings, since the state holds a stake, state premiums for savings are provided, tax incentives are provided, and a flexible system of loans (housing, preliminary and interim loans) is provided.

According to the Savings Bank, after the launch of the new housing program, the number of clients in the branches increased several times.

The largest of them in Astana and Almaty serve from 1,500 to 1,800 clients a day.

The bank now provides enough tools and methods for obtaining advice outside the office, and it is not necessary to go to the bank.

In addition to consulting and receiving applications for the program 7-20-25 in the Astana branches of the Savings Bank, more than 300 loans are being issued within the Nurly Zher program. In addition, 162 apartments are being realized under the My Home program. Also, the bank is now actively working with military personnel. In Astana, it serves about 3,500 of their special accounts.

To reduce queues in branches, especially after participating in the program 7-20-25, as well as for convenience and saving time, Housing Construction Savings Bank sent a memo to a number of organizations — brief information on lending within the "7-20-25".

A video call service for citizens' consultations has been organized, as well as a mobile group to provide free services in the form of a visit with presentations and conclusions of agreements for opening deposits (for example, a personal consultant of the bank, you can contact all of the following phone numbers: +7 707 103 53 87, +7 702 502 45 17, +7 777 673 52 30).

The first 8 mobile groups are already formed in Almaty, in the near future other regions will join (contacts of mobile groups in Almaty: 8 701 186 73 34, 8 777 188 20 88).

There are part-time employees, to invite them at a convenient time, follow the link, select a city, agent and contact him.

Also, the call center of the bank at 300 is available for consultations, use the Feedback form on the website www.hcsbk.kz or contact the bank through the official pages on social networks on Facebook, Instagram, VKontakte.

At the same time, the ministry conducts explanatory work together with the media and on the websites of TV channels and print media an answer to any question of interest can be found there.

Also on the website of the Prime Minister, in the special section of JSC National Information Technologies on the web portal of Electronic Government, in the Krysha newspaper you can get acquainted with the instructions (steps) for realizing your dream — purchase housing.

The website of the National Bank contains information on the most frequently asked questions on the program 7-20-25.

— How many loans are planned to be issued under the Nurly Zher program in 2018?

— In connection with the introduction of the program 7-20-25, the direction "increasing the availability of mortgage lending" is excluded from the Nurly Zher housing program. At the same time, for the period of activity in this direction, 3,336 citizens purchased housing under a preferential mortgage, of which in 2017 — 1,196 people, in 2018 — 2,140 people.

In connection with the above mentionad facts, loans to citizens for the purchase of housing will now be provided within the framework of the mortgage program 7-20-25, where for the 5-year period it is planned to attract 1 trillion tenge (in 2018 — 100 billion tenge, in 2019 — 150 billion tenge, in 2020 — 200 billion tenge, in 2021 — 250 billion tenge, in 2022 — 300 billion tenge).

In 2018, under the 7-20-25 program, with 100 billion tenge of raised funds, participating banks plan to issue about 6,600 loans with an average amount of one loan for 15 million tenge.

— What is the growth in the amount of housing you expect in 2018?

— In 2018, it is planned to commission at least 12.1 million square meters of housing, which is 108% to the level of 2017 (last year 11.2 million square meters or 100,800 housing units were built).

— Thanks for the interview.

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