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Parliament adopts Law on State Mortgage Lending

Today, the Parliament of Kyrgyzstan adopted the bill On State Mortgage Lending in the third reading.

The bill is designed to «realize the rights of citizens to improve housing conditions, further improve the affordability of housing and developm housing construction in the republic.»

The law defines the main requirements and procedure for the selection of citizens participating in the program, as well as the conditions for state mortgage housing loans.

The bill determines: the interest rate on the loan shouldn’t be more than 10 percent per annum, and the repayment period — not less than 15 years. The loan is issued in national currency.

As of March 1, 2017, about 857 program participants received loans at a rate of 10–12 percent per annum in the amount of 1. 28 billion soms.

The law was sent for signature to the President.