State Mortgage Company raises age of repayment of state mortgage
The State Mortgage Company has raised the age by which a mortgage loan must be repaid. A citizen, who has received housing under the state mortgage program, must pay it off before the age of 70. The spokesperson for the State Mortgage Company, Zhyldyz Bekbaeva, told an interview with Birinchi Radio.
Previously, the maximum age of a mortgage debtor was 60 years.
In addition, citizens from the age of 18 can now apply for housing, since work experience is not required to receive it. For citizens without it, there are Affordable Mortgage and Shared Construction programs.
The spokesperson for the State Mortgage Company reminded that the loan term has been increased from 15 to 25 years. «This is done in order to reduce the amount of monthly payments, so that not all of the family’s money goes to paying off the mortgage loan,» she explained.
