According to her, the State Mortgage Company (GIK) is actively seeking new ways for alternative housing financing and is collaborating with international donors.
“When the State Mortgage Company was established in 2016, interest rates on housing loans reached 14% per annum, and interest in mortgages was quite low. At that time, banks conducted strict checks on the solvency of citizens, which led to numerous rejections. Today, we are engaged in housing construction ourselves and provide loans without the involvement of partner banks. Now, the client's solvency must match or exceed the amount of monthly rent. We do not deny loans due to insufficient solvency, except in cases where a person does not have a permanent job. It is important to note that we consider additional sources of income, including spouses' income, to help people obtain housing. Currently, we offer mortgages without a down payment for a term of 25 years at 4 or 8% per annum,” Totubaeva clarified.
Additionally, she noted that previously, a down payment of 20% of the housing cost was required for private sector employees under the affordable mortgage program. “This barrier has been removed, and the conditions are becoming increasingly convenient. We may not have analogs of such conditions in other regions,” added the head of the population engagement department of GIK.
Overall, approximately 80,000 mortgage apartments are currently under construction across the country.
