The Guarantee Fund helped 26 families obtain mortgages without a down payment

Dozens of families were able to obtain mortgages without a down payment thanks to the Guarantee Fund acting as guarantor for them under a new housing product.

The ‘Kelech’ mortgage product, which allows people to take out a mortgage without a down payment, was launched by the Guarantee Fund in May this year. It is aimed at supporting citizens who have difficulty making the initial down payment on a mortgage, which is usually between 10% and 30% of the cost of the property.

To date, 26 families have acquired their own homes. They received a housing loan of 116.8 million KGS for this purpose. The amount of guarantees for this sum was 30.5 million KGS.

Key conditions for obtaining the ‘Kelechak’ product:

• continuous employment or entrepreneurial activity for 12 months;
• mortgage financing amount — up to 10,000,000 KGS;
• guarantee amount — up to 30% of the cost of the property being purchased;
• commission — 2% of the guarantee amount.

As a reminder, the Kelech mortgage guarantee can be obtained from five banks: OJSC Ayil Bank, OJSC Eldik Bank, OJSC MBank, OJSC Dos-Kredobank and CJSC Commercial Bank KSB.