Cumulative Mortgage introduced in Kyrgyzstan by presidential decree
The President of Kyrgyzstan has amended the decree «On the Approval of the State Housing Program «Menin Uyum» dated July 17, 2024, No. 191.
The document amended and supplemented the procedure for the selection of participants in the state housing program «Menin Uyum», enabling the implementation of «Cumulative Mortgage» product, developed jointly by Eldik Bank JSC and the State Mortgage Company JSC.
Loan limits for housing finance under the program are as follows:
- Social Mortgage — up to 4 million soms;
- Preferential Mortgage — up to 4 million soms;
- Affordable Mortgage — up to 5 million soms.
The product «Cumulative Mortgage» is a comprehensive mechanism for purchasing housing within the framework of the state housing program «Menin Uyum» using the shared construction scheme. Within its framework, no more than 20 percent of the cost of the purchased housing will be provided.
Terms of provision:
- 30 percent of the preliminary cost of the property is deposited in a bank for six months;
- 20 percent of the cost of housing — a bank loan at 10 percent per annum for five years;
- Advantage — no collateral;
- The remaining 50 percent — a mortgage at 8 percent per annum for 15 years.
This product, implemented through the mechanism «Shared Housing Construction» in the housing program «Menin Uyum», provides participants with the opportunity to purchase housing on preferential terms, with minimal initial costs and state support, which makes it accessible to the broad segments of the population.
