Aiyl Bank and State Mortgage Company disburse the first mortgage loans

Within the framework of 2015-2020 Kyrgyz Republic State Program Accessible Housing starting March 25 March 2016 Aiyl Bank together with State Mortgage Company (SMC) started disbursements of mortgage loans to employees of budget companies. The first borrowers were workers of medical sector and educational offices. Mortgage loans are disbursed in Osh, Tokmok and Toktogul.

2015-2020 Kyrgyz Republic State Program Accessible Housing objectives are to facilitate access to houses for people of Kyrgyz Republic by construction of apartment houses in necessary amount in all regions of the country; providing mortgage opportunities to people; involving country's banking sector in programs of accessible mortgage under conditions of refinancing.

Mortgage loans were initially issued to borrower of Aiyl Bank for the period of 15 years at interest rates from 12 to 14% per month depending on borrower's contribution. This mortgage loan is available for KR nationals of age from 21 to 65- employees of budget companies. Collateral will be the houses to be insured on mandatory basis.

The major requirements to the houses according to state mortgage company are the following: apartment or house with land for living of total area of apartment within 70 sq. m and total area of house is within 150 sq. m.

Mortgage loan applications are still collected. All interested persons may apply to local state administration offices. Employees of budget companies may place applications in their own offices.

For further information on mortgage lending please refer to Aiyl Bank office or website :http://www.ab.kg  (Column Loans/Social Lending Product/ "State Mortgage"  or by phone       (312) 68-00-00.