Kazakhstan’s president supports new countrywide mortgage program

By Trend

President of Kazakhstan Nursultan Nazarbayev expressed his support to the implementation of the "7-20-25" initiative, which will facilitate housing for the country’s citizens Kazakh media outlets reported.

"The initiative opens new opportunities for the acquisition of housing for those who do not have it, solving the problem of accessibility. We all know the importance of housing for the population, so I pay close attention to this initiative. It will enable every working Kazakh to obtain a mortgage under new conditions," the Kazakh president said at the meeting of the People’s Assembly of Kazakhstan.

He added that the initiative will make it available to obtain credit for housing for an average Kazakh citizen.

"The initial mortgage contribution will not exceed 20 percent, whereas previously it amounted to 50 percent. Millions of our citizens, especially young families and young people will soon start working and buying housing under this program," Nazarbayev said.