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National Bank's head commented on terms of mortgage program performance 7-20-25

13.03.2018 Astana. March 13. KazTAG - The National Bank of Kazakhstan is going to launch the mortgage program 7-20-25: 7% per annum for 25 years with 20% initial instalment, said  Daniyar Akishev, chairman of the National Bank.
"The National Bank is going to apply the most successful experience of the past years and launch the program 7-20-25 under the conditions fixed by the president under 7% per annum for 25 years with 20% initial instalment," he said at the session of the Government.
"The main thing is to apply the market principles of mortgage crediting through second tier banks with compulsory mechanism of security of mortgage credits. We must take into account the negative experience that we had when underestimation the credit risk of borrowers together with drop of prices for real estate resulted in the need of borrowers protection, especially among socially-vulnerable layers of population," he said.
He said the program consists of four stages.
"First. It is necessary to restore the mechanism of securitization of mortgage loans, maximizing the opportunities of banks and the stock market. In the near future, the board of the National Bank will consider creating a wholly-owned subsidiary of a special company - the operator of the program. The capital of the new company will be formed at the expense of the National Bank. The company needs capital to raise funds from the financial market on market terms to buy out new mortgages provided by banks under the formula "7-20-25". This is the securitization mechanism, " he said.
In the second stage, the effective performance of the program requires recognition of the established company by a financial agency.
"This means that the company's bonds will have the same taxation  as the government securities. The National Bank will submit the necessary legislative amendments to the government in March, " the head of the National Bank said.