Otbasy Bank has explained how the procedure for calculating the maximum commission for preliminary and intermediate mortgages will change. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.

From October 31, the principle for calculating the maximum commission for organizing the issuance of preliminary and intermediate loans at Otbasy Bank will change. In particular, the commission rate itself will remain at 1 percent of the loan amount, as before. Only the maximum commission values for large amounts will change.

Commissions to be introduced next month

  • 01if a loan is issued for an amount up to 50 million tenge (inclusive), the commission will be 1% of the loan amount, but not more than 300,000 tenge.
  • 02if a loan is issued for an amount from 50 million to 100 million tenge (inclusive), the commission will be 1% of the loan amount, but not more than 500,000 tenge.
  • 03if a loan is issued for an amount over 100 million tenge, the commission will be 1% of the loan amount, but not more than 1,000,000 tenge.

"According to bank statistics, 92% of clients receive loans for amounts up to 50 million tenge. The maximum commission values apply only to loans for large amounts," bank specialists say.

How applications before October 31 will be processed

The new terms apply to loan applications accepted from October 31. Applications accepted before that date will be processed under the previous terms. The new rule also does not apply to previously issued loans.

"This change is aimed at applying a fairer approach in determining the maximum commission amount, taking into account the loan amount provided," the official statement says.

Examples of commission calculation

Otbasy Bank also provided examples of commission calculation:

  • 01Loan amount 20 million tenge. Commission calculation from October 31: 20,000,000 × 1% = 200,000 tenge. Previously, the commission was also 200,000 tenge.
  • 02Loan amount 70 million tenge. Calculation: 70,000,000 × 1% = 700,000 tenge. Previously, the commission amount was: 300,000 tenge. From October 31: 500,000 tenge.

The commission is charged only once when the loan is issued. At the same time, this commission is not charged on loans issued under state programs.