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Affordable Housing program becomes unaffordable and expensive

Program of the Government of Kyrgyzstan «Affordable Housing» has become unaffordable and expensive. It was stated at a meeting of Respublika-Ata Jurt faction of the Parliament of Kyrgyzstan.

Deputy Marlen Mamataliev noted that the State Mortgage Company actually issued loans at 14-16 percent.

Mortgage company could not achieve good performance. The reasons are very high down payment and interest rates.

Marlen Mamataliev

«The State Mortgage Company says that loans are granted at 9 percent, but in fact people get them at 14-16 percent. In addition, the cost of apartments in houses of SMC is very high, which does not comply with the principles of the Affordable Housing program. For example, an apartment in a house built in Naryn costs $34,800. If a teacher or doctor gets it at 9 percent, they will have to pay 12,000 soms per month for 15 years. After 15 years, the cost of the apartment will reach $ 67,000,» Marlen Mamataliev said.