"Social Mortgage" - 2020: results of a unique program of housing financing of public sector employees in Kyrgyzstan
Keremet Bank has successfully implemented one of the most striking and large-scale socially significant projects in Kyrgyzstan to provide housing loans to employees of public sector organizations on preferential terms - "Social Mortgage". Over the past two years, "Social Mortgage" has become one of the unique banking products in the market and the most popular among state employees in all parts of the country.
Funds for the purchase of residential real estate, distributed across all regions, were issued at a low interest rate from 7.5% to 9.5% per annum in soms for up to 15 years.
In 2020, the largest number of applications for preferential mortgage loans came from members of the military and representatives of the education sector. Employees of the healthcare, sport, cultural, judicial system, representatives of law enforcement agencies and local self-government bodies, tax and customs services and other public sector organizations of Kyrgyzstan also got their own housing.
As a result, in 2020, 500 Kyrgyz families were able to purchase housing on preferential terms in the amount of 750 million soms, and two-thirds of them – in the regions of our country:
- 176 loans amounting to 337,770 thousand soms were granted to employees of the social sphere living in Bishkek city, 324 loans amounting to 412,230 thousand soms were granted to public sector employees in the regions.
Since the launch of the "Social Mortgage" program in May 2019, more than 1,200 families have been able to buy a housing for a total amount exceeding 1.7 billion soms.
In the new year, Keremet Bank plans to continue working in the field of mortgage lending, developing new and equally interesting banking products for the market.
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