Otbası Bank secures $191 million ADB loan for housing programs
Otbası Bank has signed an agreement with the Asian Development Bank to secure a loan of 90 billion tenge. The funds will support the 'Umay' and 'Green Mortgage' housing programs. More than 2,000 loans are expected to be issued initially.
Loan Agreement Details
Otbası Bank and the Asian Development Bank have finalized a loan agreement worth 90 billion tenge. The funds will be allocated to the 'Umay' and 'Green Mortgage' programs, according to the bank's press service. The 'Umay' program has already enabled 3,660 women to purchase homes. The initial phase aims to issue over 2,000 loans.
Program Specifications
The 'Umay' program allows women to buy ready or under-construction homes with guarantees or insurance. Loans can also be used for secondary market properties built after 2016. The maximum loan amount is 50 million tenge for up to 25 years, with a 15 million tenge cap for renovation loans. The 'Green Mortgage' requires homes to meet green building standards and have an OMIR certificate. Both programs require proof of income over the last six months.
What's Next
Otbası Bank will announce the launch dates for the 'Umay' and 'Green Mortgage' programs. It remains unclear how quickly these programs will impact the housing market.
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Otbası Bank secures $191 million ADB loan for housing programs
