Kyrgyzstan to issue state mortgage to all its citizens

Bishkek, May 25, 2021 . / Kabar / . Now all citizens of Kyrgyzstan can obtain the state mortgage, Deputy Chairman of the State Mortgage Company of the country Urmatbek Kokocharov told during a press conference at Kabar News Agency.

He added that previously, only civil servants and employees of budgetary spheres could get the state mortgage.

“Under the new housing program, financing mechanisms for public housing are planned to be expanded for all citizens of the country. It is also planned to eliminate the mandatory requirement for a down payment to purchase housing through the State Mortgage Company,” the deputy chairman added.

In addition, the new housing My House 2021-2026 program will introduce concessional lending for socially vulnerable segments of the population.

In Kyrgyzstan, for the implementation of the new housing program, KGS 30 billion will be allocated within 5-6 years and it is planned to build 800 thousand square meters of affordable housing. A gradual reduction of the final interest rate on previously issued state mortgage loans to 4% per annum is envisaged.