BTA Ipoteka JSC (Kazakhstan) realizes The state program of house building development in Kazakhstan for 2005-2007

/IRBIS, Natalya Kuznetsova, December 14, 04/ - BTA Ipoteka JSC (Almaty), whose bonds are traded in Kazakhstan stock exchange's (KASE) official "B" listing category, has spread press-release, which says the company has started realizing "The state program of house building development in Kazakhstan for 2005-2007". In other words the first four potential borrowers have passed banking qualification and now have the right to buy lodging within this program's frameworks. The release says on May 25 of 2004 memorandum about "Cooperation on realization of the state program of house building development for 2005- 2007" between the government and several commercial banks, including BTA Ipoteka JSC was signed. The state program was worked out by the government within the frameworks of Nazarbayev's message for Kazakhstan citizens. This program provides that interest rate on the credit will not be higher than 10% APR, initial installment - no less than 10% of the purchased lodging cost, crediting term - from 3 to 20 years. In order to get the credit the borrower (co-borrower) and the purchased lodging must be insured. In case the borrower pays the initial installment no less than 30% of the purchased lodging cost, an additional insurance on the program of Kazakhstan funds of mortgage loans or civil responsibility is necessary. Kazakhstan citizens, who have sufficient incomes can take credits, and insufficiently provided citizens can take part in the program of house-building savings or pretend to getting communal lodging (i.e. get lodging without disposal right). As deputy chief of treasury department of BTA Ipoteka JSC M. Utegulova says, at present details of interaction between all interested state authorized structures and financial organizations, which are to take part in the program realization, is being specified. The message of BTA Ipoteka JSC also contains information tat in the first quarter of 2005 first houses built in Almaty within the State program's frameworks, will be given for exploitation. But now there are some questions and problems concerning insufficient information distribution among population about the specific measures, which must be taken for buying lodging within this program's frameworks. As company's specialists say "people have many questions, so it's necessary that all authorized participants of the program pay more attention upon information distribution and increasing of financial literacy of the population". [2004-12-14]