Kazakhstan launches new housing program for young scientists

The Kazakh Science and Higher Education Ministry and Otbasy Bank JSC launched a new affordable housing program for Kazakhstani scientists, Kazinform News Agency reports.

The project duration is five years. The bank plans to allocate some 16.6 billion tenge for the new program.

The bank receives applications from young scientists engaged in academic science from 53 organizations subordinate to the Kazakh Science and Higher Education Ministry, including the Institute of the History of State, Economy Institute, Literature and Arts Institute, Archeology Institute, etc.

The new program lets take out a loan with a minimum down payment of 10% in the Otbasy Bank at the rate of 5% per annum.

The maximum amount of the loan is up to 20 million tenge. The duration of the loan is 19 years.

The program is open to young Kazakhstani scientists aged 40 years old and below.