On April 24, 2015, the refinancing program for mortgage and housing loans / mortgage loans (hereinafter referred to as the Program) was approved, under which the National Bank of the Republic of Kazakhstan capitalized the authorized capital of the Fund of Problem Loans JSC (hereinafter referred to as the Fund) by 130 billion tenge to further transfer of these funds to second-tier banks at 2.99% per annum and for a period of 20 years to refinance mortgage loans issued in 2004-2009. 

Within the framework of the Program implementation, the Fund carried out the first stage of procedures for capitalization of the authorized capital, the second stage prepared a draft bank deposit agreement, the main conditions and provisions of which take into account the rights and obligations of all interested parties. According to the results of the analysis by the National Bank of the Republic of Kazakhstan of problem loans of second-tier banks, the contract for the transfer of a certain amount of funds to open a bank deposit was signed with each of them individually.

The funds were transferred to eight banks out of nine: KZT 38.1 billion are allocated to Kazkommertsbank JSC, KZT 33.6 billion are allocated to Halyk Bank, 20.3 billion tenge are allocated to ForteBank JSC, 15.6 billion tenge are allocated to JSC Bank CenterCredit, 9.5 billion tenge are allocated to JSC ATF Bank, 5.3 billion tenge are allocated to JSC Kaspi bank, 2.4 billion tenge are allocated to JSC Eurasian Bank, 1.6 billion tenge are allocated to JSC "Nurbank". The total amount amounted to 126.4 billion tenge, which is 97.2% of the total amount of deposits.

At the moment, the funds are not transferred to Tsesnabank JSC, which is expected to allocate 3.6 billion tenge. The agreement with Tsesnabank JSC is at the stage of agreement between the parties..

The main objectives of the Program are to reduce the level of “toxic” loans in Kazakhstan and reduce the dollarization of the economy. Within the framework of the Program, borrowers will be able to convert foreign currency loans in tenge and extend the term of the mortgage for a longer period.

For information on the list of documents required for submission, borrowers should contact the second-tier banks directly.

The terms of the Program can be found on the Foundation's website fpl.kz in the section “Regulatory and legal framework”.