Don't buy two-bedroom apartments outright if you have an unstable job - President

The state plans to build 40 thousand apartments throughout the country by 2026 and provide them to citizens on mortgage terms. It can be said that this is the largest construction campaign since Kyrgyzstan's independence. President Sadyr Zhaparov recently handed the keys to 1,059 apartments to citizens. However, at the same time, there are dissatisfied that the queue for mortgage apartments has moved. The President commented on this situation in an interview with Kabar.

The President stressed that the state mortgage program has been significantly reformed to make housing affordable for ordinary citizens and civil servants.
Previously, the mortgage rate was 14%, the down payment was 30%, and the repayment period was only 10 years. Now the conditions are much softer: the rate has been reduced to 4%, the down payment has been canceled, and the term has been increased to 25 years.

For citizens who can pay half of the cost of the apartment at once, an alternative has been introduced: the rate is 8% and the term is 10-15 years. A program of housing expansion has also been implemented: citizens can start by buying a one-room apartment and later exchange it for larger housing after the debt is paid off.

The President asked citizens to choose housing responsibly, focusing on their financial capabilities.

“Do not buy three-room apartments at once if you have an unstable job or a low salary. It is better to start with a one-room apartment and then expand,” he said.

Sadyr Zhaparov paid special attention to the timeliness of payments: the funds that citizens pay for the mortgage are used for the construction of new housing. Delayed payments can lead to the loss of the apartment, as well as to the impossibility of refunding previously paid amounts.

The President also recalled the importance of the program for migrants.

“We are doing everything so that our citizens can live in their homeland. Please treat the payments with understanding, because behind you in line are hundreds of thousands of people who also dream of their own homes,” he said.

The construction campaign is gaining momentum, and in the coming years tens of thousands of families will be able to celebrate housewarming in their apartments.