”Kazakhstan Mortgage Company” MO” JSC is the single financial operator of “Nurly zher” State Housing Construction Program for financing of credit housing construction through the mechanism of government securities repurchase of local executive bodies, and also implements its own investment projects in the construction industry.

Retirement of securities of local executive bodies

In order to increase the supply of affordable housing for the depositors of “Housing Construction Savings Bank of Kazakhstan” JSC, including standing in line at akimats, ”Kazakhstan Mortgage Company” MO” JSC provides financing for the construction of credit housing by repurchasing of government securities of local executive bodies.

  • Repayment term - 2 years;
  • Coupon interest - 0.35% (payment 2 times a year).

 

Conditional financing of housing investment projects

The conditional financing of investment projects is carried out through the opening of deposit by ”Kazakhstan Mortgage Company” MO” JSC in second-tier banks for the purpose of further loan granting to a private partner for the project implementation.

Mechanism 1: After completion of the construction and commissioning of the facility, the private partner transfers the residential premises to ”Kazakhstan Mortgage Company” MO” JSC for the amount of the conditional deposit for the further sale of housing to the depositors of “Housing Construction Savings Bank of Kazakhstan” JSC.

  • Remuneration rate for second-tier banks - 1%;
  • Remuneration rate for a private partner - 5%;
  • Deposit opening period - no more than 2 years;
  • roject location - Almaty, Nur-Sultan and suburban areas.

Mechanism 2: After the expiration of the conditional deposit term, the second-tier bank returns to ”Kazakhstan Mortgage Company” MO” JSC the amount of the conditional deposit with accrued remuneration, and the private partner independently sales the residential premises of the facility and makes mutual settlements with the bank on the loan provided.

  • Remuneration rate for second-tier banks - the base rate of the NB of RK minus 1.5%;
  • Remuneration rate for a private partner - the base rate of the NB of RK plus 3.5%;
  • Deposit opening period - no more than 2 years;
  • Project location - Almaty, Nur-Sultan and suburban areas.

Direct financing of housing investment projects

”Kazakhstan Mortgage Company” MO” JSC provides direct financing of housing investment projects by attracting of funds from international financial organizations on the principles of a public-private partnership, in accordance with the requirements of an international financial organization.

 

Financing of socially-oriented investment projects

”Kazakhstan Mortgage Company” MO” JSC also provides financing for the implementation of socially-oriented investment projects through the mechanisms of government securities retirement of local executive bodies, conditional financing through the second-tier banks and direct financing.

Socially-oriented projects include projects related to the construction of educational, cultural and everyday aspects of social life, health care and other urban facilities, health-improvement and recreational facilities, as well as other social infrastructure facilities of the cities.

Financing of socially-oriented projects is carried out subject to the guaranteed purchase of real estate from the balance of the Company, including on the principles of public-private partnership.

Housing Construction Guarantee Fund

“Housing Construction Guarantee Fund” JSC provides a guarantee for the completion of a dwelling house (residential building) construction upon the breach of warranty. The activity of “Housing Construction Guarantee Fund” JSC, as well as other participants in shared-equity construction is provided for in the Law of the Republic of Kazakhstan dated April 7, 2016 “On Equity Participation in Housing Construction”.

“Housing Construction Guarantee Fund” JSC actively interacts with developers and local executive bodies for the implementation of the guarantee mechanism.

“Housing Construction Guarantee Fund” JSC under the housing construction guaranteeing, has introduced a loan guaranteeing mechanism of the interest holders to purchase housing, where there is a guarantee.

This mechanism is attractive for people who do not have additional collateral to receive a loan to purchase a share in a house (in this case, the collateral will be an agreement on equity participation in housing construction).

By the decision of the Sole Shareholder, the subsidiary organization of the Baiterek holding, the Housing Construction Guarantee Fund JSC, ceased its activities by merging with the IO Kazakhstan Mortgage Company JSC.

It is worth noting that the Kazakhstan Mortgage Company also took over the functions of the Fund to provide guarantees for the completion of shared construction.

Actual
articles
06.11.2020
JSC "Housing Construction Guarantee Fund" ceased its activities

By the decision of the Sole Shareholder, the subsidiary organization of the Baiterek holding, the Housing Construction Guarantee Fund JSC, ceased its activities by merging with the IO Kazakhstan Mortgage Company JSC.

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