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Kyrgyzstan to grant state mortgage at six percent

It is planned to begin the process of granting mortgage loans at six percent in the near future. The Chairwoman of the Board of the State Mortgage Company OJSC Elmira Abzhaparova reported to the President of Kyrgyzstan.

According to her, the possibility of reduction of the interest rate on existing loans to seven percent is also being considered.

Up to date, the State Mortgage Company has granted more than 4,000 mortgage loans for about 5 billion soms.

Work is underway to attract donor funds in order to move away from dependence on budget funding.

Sooronbai Jeenbekov recalled that the State Mortgage Company was facing with the task of increasing the availability of mortgage loans for citizens of the country, taking into account solvency of the population.

Elmira Abzhaparova told that a new product «Affordable mortgage» was introduced for a wide category of citizens, not only from the public sector, thanks to the money raised from the sale and placement of mortgage bonds. The rate on them will be 14 percent per annum in soms for 15 years with an initial payment of 20 percent.