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Term of mortgage lending increased to 25 years in Kyrgyzstan

President of Kyrgyzstan Sadyr Japarov approved amendments to the law on state mortgage lending adopted by Parliament on November 3. Press service of the President reported.

The purpose is to increase the affordability of housing for citizens of the republic.

The law stipulates that the conditions of mortgage lending provided at the expense of investors/international donors are regulated by international agreements. This will greatly facilitate the conditions of housing mortgage lending in the republic.

The law also increases the term of mortgage lending from 15 to 25 years.

The press service added that the changes will create conditions for the retention of highly skilled manpower at the local level, purchase of housing under the housing programs developed with the participation of investors/international donors, regulated by international agreements.

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