Nuradil Bayasov, deputy chairman of the board of the State Mortgage Company (SMC), told at a press conference how the solvency of borrowers is assessed and what criteria are taken into account when approving a mortgage lending.
«All documents on the earnings of each citizen — a certificate from work and salary — are considered. When providing an apartment, there is a secondary process, which we also consider. If a person quits or changes jobs, he or she does not fit the criteria. We refuse,» he said.
According to Nuradil Bayasov, the total family income is taken into account during the secondary processing.
«If a person has a certain amount of money at the place of registration and place of work, taking into account the salary, then in secondary processing we consider the total family income. And, according to our calculations, if they have a certain amount as standard, there is enough money to cover. We have very low interest rates — 4 and 8. In all these areas, every family in Kyrgyzstan, according to average statistics, has enough money to cover the payments and our interest rates,» he said.
During the assessment, not only income is taken into account, but also other factors.
«If a citizen continues to work and has a stable income for the last 12 months, we approve and consider the total family income. There are several criteria: if a person has an agreement, acquisition of property, or transfer of property, or some kind of transaction, or he has moved abroad, or got married, the spouse has property, we cannot approve mortgage lending,» the SMC deputy chairman said.
According to the National Statistical Committee, the average salary in Bishkek is 36,000 soms ($ 414). The average price per square meter of apartments being built under the state mortgage program is $650.
