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Kyrgyzstan simplifies loans conditions for housing construction

State Mortgage Company of Kyrgyzstan has simplified the conditions for obtaining a loan for individual housing construction. Press service of SMK reported.

It is noted, that now a loan for construction of housing is issued at 14 percent per annum for the first 18 months with a condition of payment of the initial installment of 20 percent of the loan amount. After the completion of construction and house commissioning, the rate will be 10 percent per annum. The maximum amount of a loan is up to 3 million soms for up to 15 years.

State Mortgage Company changed the requirements:

restriction in the percentage of housing readiness was excluded ;

cost of construction of unfinished housing may be taken into account in the calculation of own contribution;

technical supervision requirement was excluded.

The amendments entered into force on February 1, 2017.