Kazkommertsbank (Kazakhstan) finishes government program for mortgage re-financing

March 5. KASE

Kazkommertsbank (Kazakhstan) finishes government program for mortgage re-financingKazkommertsbank has finished the program of refinancing of mortgage credits under conditions of state program NWF “Samruk-Kazyna”. Since moment of it launching in 2009 and during of three years 7720 debtors of Kazkom could reduce the interest rate of their mortgage credit at the expense of state and own assets of the Kazkom.

“State Program of Refinancing of mortgage credits has rendered appreciable support of majority of our customers who were in difficult situation” – Managing Director of Kazkommertsbank  Mr.Andrey Timchenko said. – We made great job for development of  whole process of price reducing of mortgages and extension of crediting jointly with the fund “Samruk -Kazyna”.

In 2009 interest rate has been reduced  for 5922 debtors  and 1491 employees of social and budget sphere result in complete application of funds alloted by the RK government under the line “NWF Samruk-Kazyna” in amount of 24 billion tenge.

In addition in 2010-2012 the bank could make cheaper 1571 mortgage credit for 7,4 billion tenge at the expense of paying off under refinanced credits and 227 mortgage credit for 1,7 billion tenge at the expense of own resources of the bank. The program has been finished on February 23rd 2012.

Purpose of the program NWF “Samruk-Kazyna” of mortgage refinancing was the reduction of effect of global financial crisis and devaluation of tenge on debtors. Rates have been reduced for 9% for state employees and for 11% for others.

Kazkommertsbank was chosen by the government of Republic of Kazakhstan  as one of main partner in realization of measures complex on financial support of domestic economy under condition of world financial crisis.