The National Bank has postponed the deadline for applying the debt burden ratio to certain loans. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
The decision was made following an analysis of the situation in the mortgage and car lending markets.
Which loans are affected
Accordingly, the requirements for mandatory compliance with the debt burden ratio (DBR) when issuing loans under the housing construction savings system and car loans are temporarily not applied:
- 01for loans issued within the housing construction savings system — until December 31, 2029;
- 02for car loans — until December 31, 2027.
Requirements for cars under car loans
Requirements for cars purchased with car loans have also been defined. They are:
- 01a new car that has not been in use and is being registered for the first time in Kazakhstan, secured by collateral under the loan;
- 02a used car with a down payment of 50% of its value, pledged as collateral under the loan;
- 03a car with a service life of up to 3 years, with a down payment of 30% of its value, pledged as collateral under the loan.
It is worth noting that the lending procedure changed starting in July of this year. The new rule introduced the personal debt burden ratio and the debt-to-monthly-income ratio.