Housing construction savings not to replace mortgage lending system - SamrukKazyna Fund

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ASTANA. January 13. KAZINFORM /Gulnara Zhandagulova/ Housing construction savings will not be able to fully replace the mortgage system. Executive Director-Member of the Board of SamrukKazyna National Welfare Fund Kairat Aitekenov has said it at the sitting of the board of the Agency for Construction, Housing and Utilities today in Astana.

"Housing construction savings will not be able to fully replace the mortgage system. This mechanism is quite conservative - 50% of the needed sum is saved and 50% is provided by a bank. In East European countries this system is used for the repair and improvement of housing only", K. Aitekenov said.

Nevertheless, as K. Aitekenov noted, the housing construction system, will remain.

As for mortgage lending, it experiences considerable decline to date. Thus, according to SamrukKazyna Executive Director, both residents and banks are skeptical about the mortgage lending system. "In 2007 we had KZT 418 bln and in 2008 this figure fell to KZT 85 bln. This pace didn't increase. However, the sector stabilized due to the state support measures", he added.

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