Kazakhstan will change the maximum rates on mortgage loans. Starting January 1, 2027, the maximum annual effective interest rate (AEIR) will depend on the size of the borrower's down payment. This was reported by Qazaqyia.kz citing Kursiv Media.
The corresponding joint resolution was adopted on June 30 by the National Bank and the Agency for Regulation and Development of the Financial Market.
The new rules provide for a differentiated approach depending on the LTV ratio – the ratio of the loan amount to the value of the housing pledged as collateral.
If the loan amount does not exceed 70% of the property value (LTV up to 0.7 inclusive), the maximum AEIR on mortgages will be capped at 20%. If the loan exceeds 70% of the housing value (LTV above 0.7), the maximum rate will remain at 25%.
Let's consider an example of a house worth 100 million tenge. If the client already has 30 million tenge or more as a down payment, and the total loan amount is less than 70 million tenge, then the maximum mortgage rate in this case will be 20%. If the down payment is less than this amount, the AEIR will increase to 25%.
It is also noted that until January 1, 2027, the maximum AEIR on mortgage housing loans will remain at 25%.
The National Bank explained that the changes were adopted as part of the program for macroeconomic stabilization and improving the welfare of the population for 2026-2028. The resolution came into force on July 1, 2026.
Earlier, Kursiv wrote that Kazakhstani citizens are increasingly dependent on the state when purchasing housing.