Government and second level banks sign memo on co-operation
25.05.04 16:34
/Kazakhstan today, May 25, 04/ - The Ministry of Finance of RK,
"Kazakhstani Mortgage Company" CJSC and second level banks - "Alliance
Bank", "Astana Finance", "BTA Mortgage", "Nurbank", "Temirbank",
"Texakabank", "Tsesnabank", "Kazkommertsbank", "BankCentreCredit",
"People's Bank", "ATF Bank" - have inked a memorandum on co-operation in
state housing construction programme implementation today, May 25, in
Astana, - KZ-today correspondent reports.
"It is a matter of forming a new segment in the mortgage economy. The
government adheres to one single idea - to broaden the access of wide
masses to cheap housing," - Arman Dunayev, finance minister of RK, stated
at the inking ceremony.
The memorandum includes seven items. As per item 1, the sides are going
to apply all efforts to reach the following parameters of mortgage crediting of
purchases of the housing, built a s a part of the state programme: the interest
rate - 9-10% annually, the initial contribution - 10% annually, the term of
mortgage loans - 20 years. The sides are also going to achieve reduction of
bank margin to 2-2.2% as per a special programme of "Kazakhstani
Mortgage Company" CJSC.
"The agreement of banks to reduce the rate is a big step on their part
towards the new housing policy," - A. Dunayev stated.
The memorandum is open for other financial institutions and organisations to
join it.
[2004-05-25]