SMC believes every family in Kyrgyzstan can afford mortgage payments
Nuradil Bayasov, the deputy chairman of the State Mortgage Company (SMC), recently spoke at a press conference about the criteria used to assess the solvency of borrowers when approving mortgage lending. He emphasized the importance of considering all documents related to the earnings of each citizen, such as work certificates and salary information.
Bayasov explained that during the secondary processing of applications, the total family income is also taken into account. If a person has a stable income and meets certain financial criteria, then the SMC considers that there is enough money to cover the mortgage payments, especially with the low interest rates offered by the company (4 and 8 percent).
Furthermore, Bayasov highlighted that in addition to income, other factors are also considered during the assessment process. For example, if a person has recently acquired or transferred property, moved abroad, or undergone significant life changes, the SMC may not approve the mortgage lending.
It is important to note that according to the National Statistical Committee, the average salary in Bishkek is 36,000 soms ($414), while the average price per square meter of apartments under the state mortgage program is $650.
Overall, the SMC is committed to ensuring that families in Kyrgyzstan have access to affordable and sustainable housing options through responsible mortgage lending practices.
