Otabasy Bank announced that applications for the Umai mortgage program will be accepted starting August 31. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.

The program features a reduced down payment. Additionally, having other real estate will not prevent applicants from applying.

Program Terms

  • 01**Interest rate:** 14.4% (annual effective rate from 15.4% to 16.4%).
  • 02**Rate reduction:** After accumulating 50% of the loan amount, the rate drops to 3.5–5% (annual effective rate from 3.6%).
  • 03**Down payment:** 15-20%.
  • 04**Loan amount:** up to 50 million tenge.
  • 05**Loan term:** from 6 months to 10 years.

Home Purchase Conditions

Housing can be purchased in any city in Kazakhstan. According to bank representatives, there is no requirement for registered address. Housing can be bought on the primary or secondary market.

Renovation Loan Option

The program also allows obtaining a loan for home renovation. The maximum loan amount for renovation does not exceed 15 million tenge.

This program will be an effective tool for solving housing issues. More information is available on the official website of Otabasy Bank.