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Interest rate on state mortgage loan to reduce from October 1

Interest rate on state mortgage loan will be reduced from 10 to 8 percent from October 1, the information department of the government reported.

According to it, the corresponding order was signed by the Prime Minister of Kyrgyzstan Sapar Isakov. The head of the Cabinet noted that one of the priorities of the governmental program «Jany Doorgo-kyrk kadam» is to improve the conditions for the provision of financial resources. He instructed to work out the issue of lowering the interest rate under the program «Affordable Housing 2015-2020».

The head of the government asked the heads of partner banks to conduct explanatory work among the population in connection with the reduction of interest rates on the mortgage loan.

Chairman of the Board of State Mortgage Company OJSC Baktybek Shamkeyev said that the interest rate for borrowers on current mortgage loans will also be reduced.

To simplify the receipt of supporting documents, the State Registration Service and State Mortgage Company were instructed to work out a mechanism for issuing a certificate of absence of housing for family members only once — on concluding an agreement with partner banks.

The reduction in the interest rate on the state mortgage loan was made possible thanks to a reduction in the budget loan provided by the Ministry of Finance of the Kyrgyz Republic for State Mortgage Company and the margin of partner banks.