The Asian Development Bank (ADB) has approved a loan of 90 billion tenge (about $173.6 million) to Kazakhstan’s Otbasy Bank to expand access to mortgages, particularly for women, and to support environmentally friendly housing finance.
The funding is part of the «Promoting Inclusive and Green Housing Finance» project.
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The program is expected to finance more than 2,000 mortgages, with priority given to women through the «Umai» program.
The initiative aims to improve access to housing finance for women, who often face additional barriers in securing mortgages.
Push for green mortgages
In addition to supporting women borrowers, the project includes the development of a «green» mortgage model designed to encourage the construction and financing of more affordable, energy-efficient housing.
Under updated program rules, participants will be able to purchase homes in both the primary and secondary markets. Residency registration will not be a determining factor.
Key program terms
- Minimum down payment: 20%.
- Maximum loan amount: up to 30 million tenge.
- Annual effective interest rate: from 15.4%, with the potential to decrease to 3.6%.
- Loan term: up to 25 years.
Note: In Turkic mythology, Umai is the goddess of fertility and motherhood and a protector of children.
