Another bank will begin issuing mortgages without a down payment

In Kyrgyzstan, the list of banks participating in the Kelechek mortgage guarantee programme is expanding. Last week, Commercial Bank KSB joined the programme by signing an acceptance of the public offer for a portfolio guarantee.

This means that it is now possible to take out a mortgage without having to make an initial deposit at five banks in the country: Ayl Bank, Eldik Bank, MBank, Dos-Kredobank and KSB.

It should be noted that the Kelech product, launched in May this year, quickly gained popularity. It was created to help Kyrgyz citizens purchase housing or improve their living conditions even in cases where the family does not have savings for a down payment.

Programme terms:

• mortgage loan amount — up to 10 million KGS;
• collateral — up to 30% of the cost of the home;
• commission — 2% of the guarantee amount;
• borrower requirements — minimum 12 months of work experience or entrepreneurial activity.