Mortgage in Kazakhstan: What types are available and how to obtain one.

Who Can Obtain a Mortgage

First and foremost, it is essential to assess your own financial capability. If an individual does not have an official income and has been evading tax payments for an extended period, their chances of securing a mortgage are significantly reduced. However, even in this situation, there is a solution, as some banks may require collateral.

When reviewing applications, banks pay attention to:

1. Source of income and its stability. For instance, if a person has just started a job and has been receiving a salary for only a few months, their application will not be taken seriously. Income stability is always a top priority.
2. Ratio of payment to income. A bank will not grant a mortgage if the payment exceeds 50% of the income. Therefore, it is wise to realistically assess your financial capabilities before submitting an application. If official income is lacking, one might consider more affordable housing.
3. Credit history. If an individual consistently takes out loans and repays them on time, their chances improve significantly. However, if there are multiple loans and some have not been paid on time, financial institutions may reject the application.

Which Mortgage Program to Choose

Each bank recommends specific mortgage programs, including state-backed mortgages. The mortgage programs offered by Bank CentrCredit can serve as a basis:

• Mortgage. The interest rate ranges from 18.5% to 22.5%. The down payment starts at 20%; the higher the better, with a term of up to 15 years.
• Mortgage Plus. The interest rate is the same as in the standard program, but the effective interest rate ranges from 20.7% to 24.5%. The minimum collateral amount is 20% of the property value, with a term of up to 15 years.
• 7-20-25. This is one of the best programs, as the interest rate is 7%, and the effective interest rate is 7.2%. However, it comes with more complex eligibility requirements.

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