Society • 30 March, 2020

Mortgages can be delayed without interest for 90 days

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Housing Construction Savings Bank of Kazakhstan (a subsidiary of Baiterek Holding) will provide customers with temporary financial difficulties with a deferral of principal and interest for 90 days from March 16, 2020, primeminister.kz reports.

The procedure will be carried out based on the client’s application, indicating the reason for the delay. However, the bank will not additionally request supporting documents. This measure was taken in connection with the introduction of a state of emergency in the country and quarantine in Nur-Sultan and Almaty, the press service of the financial organization said.

“From April 15, the client can apply for a deferred payment through the Internet banking HCSB 24. All applications will be accepted and approved. The deferral will apply to all payments from March 16, 2020. When submitting an online application, the client should not have late payments as of March 16, 2020,” said Lyazzat Ibragimova, Chair of the Board of the Bank.

The head of the bank urged clients to be in isolation and not to visit bank branches.

The bank will not accept applications for deferred credit payments at branches. All this will be carried out online, through the Internet banking application. And this mechanism will start on April 15, 2020.

Deferral will be granted by the method of extending the loan term by 3 months, which will allow the client not to increase the monthly payments in the following periods.

The Bank draws attention to the fact that the period of transition from preliminary and intermediate loans to housing loans will also increase by the term of delay, that is, by three months. In other words, the transition to a housing loan planned for September will be carried out in December.

The chair also recalled that for 3 months from March 16 to June 16, 2020, Housing Construction Savings Bank will not charge fines and penalties for late payments. If the client during these three months fully pays the principal and remuneration at any date and time convenient for him, then he may not apply for a delay, choosing a convenient repayment schedule and paying the debt on any date of the month. This can be done online without leaving your home.

The bank also said that from March 30 to the end of quarantine in all branches on the territory of Kazakhstan, the Bank switches to an updated version of customer service, where credit applications, post-credit and post-deposit operations are suspended. During this period, only two operations can be performed in a bank branch: receiving money by dividing / terminating a deposit and partial or full repayment of a loan. To conduct these operations, you must register through online booking on the bank's website. In all other cases, the bank will be forced to refuse service, in order not to spread the coronavirus.

Loans for applications submitted before 6 p.m. on March 27, 2020, and received approval will be issued in the mode of inviting a client to a bank branch for a certain time if a ban on notaries is not introduced. To do this, bank specialists will personally contact customers. Currently, the bank is considering about 1,000 loan applications, as well as 200 applications for issuance. Housing Construction Savings Bank recommends clients to postpone the purchase and sale transaction until quarantine is completed.

For convenient loan repayment and replenishment of the deposit, the Bank’s payment terminals located in places open for visiting in quarantine mode will work. However, the bank strongly recommends not to travel around the city in search of open malls and markets, but to make payments through the Internet banking, which allows you to use a payment card of any bank and make payments.

Housing Construction Savings Bank of Kazakhstan JSC is the only bank in the country that implements a system of housing construction savings. The Bank is a member of the European Federation of Building Savings Banks and the International Housing Finance Union. The sole shareholder of Housing Construction Savings Bank is Baiterek National Management Holding JSC.
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