According to the State Mortgage Company (SMC) of the Kyrgyz Republic, the new “My Home” is actually a continuation of the program of the same name, which has been operating in the country since 2021. It lost its momentum, laying a solid foundation for subsequent similar projects. “In less than three years, more than 20 thousand citizens have lined up to receive housing financing, and more than 100 thousand more are currently in the process of registering an electronic application on the portal of the State Insurance Company,” the company noted.
According to official data, several billion soms were allocated from the Republican budget for the implementation of “My House” – for state mortgage lending through commercial banks.
– Mortgage conditions have been simplified as much as possible. The rate has been reduced to four percent per annum, and the repayment period has been increased to 25 years. This has led to an increase in the cost of housing on the country’s market. In this regard, it has been decided to build state policy in this area from the beginning of 2023, relying not only on the issuance of preferential loans, but also on financing the construction of housing. In Bishkek, Jalal-Abad, Naryn and Karakol, the construction of apartments with a total area of 700 thousand square meters is already underway, which will be provided to participants of the new “My House,” the State Committee explained.
The launched state housing programme has several other differences from its predecessor. The initiative is based on four directions, each with its own implementation tools. For example, the tasks of “development of the housing finance system” include creating favourable conditions for attracting investments in this area; providing additional benefits to doctors and teachers working in remote and rural areas; allocation of official housing managed by government agencies through the State Mortgage Society.
Another feature of the new My House is stricter state control over the distribution of apartments. “Employees of the State Committee for National Security of the Kyrgyz Republic monitor every person who queues up for a state mortgage,” warned the head of the department, Kamchybek Tashiev.
The government expects that thanks to the implementation of the program, at least 40 thousand families in Kyrgyzstan will have a roof over their heads and two million square meters of housing will be put into operation by 2030. “This year, five thousand families will move into new apartments and this is just the beginning of a long journey,” said President of the Kyrgyz Republic Sadyr Japarov.
By the way
Who can participate in the “My House” program?
Requirements for participants of the My Home program include being at least eighteen (18) years of age at the time of application; having a total work experience of at least two years or a period of entrepreneurial activity of at least one year; the participant, his spouse and minor children do not have their own housing on the territory of the Kyrgyz Republic; the absence of civil law transactions between the participant, his spouse and minor children related to the transfer of ownership of housing throughout the republic in recent years prior to the date of submission of the application; solvency of the participant.
Currently, GIK offers three types of state mortgages. Those who have at least five minor children can count on the “social” one (four percent per annum, up to 25 years, without a down payment); those who received the Order “Baatyr Ene”; people with disabilities; people who raise children with disabilities or have disabled people in their family; official lifelong guardians of disabled people; citizens (single) with minors whose birth certificate does not contain a record of one of the parents; widows and widowers (single) with minor children; young specialists under 35 (thirty-five) years old at the time of application, working in rural areas.
“Preferential” mortgage (four percent per annum, term up to 25 years, no down payment) is available to citizens working in the following organizations: government bodies of the executive, judicial and legislative branches; state and municipal organizations; local government bodies; state and municipal educational organizations; state and municipal health organizations; Armed Forces of the Kyrgyz Republic and military formations of government bodies; authorized bodies, one of whose objectives is the implementation of government programs; state radio and television organizations.
The “affordable” mortgage (eight percent per annum, term of up to 25 years, down payment of 20 percent of the cost of the home) is intended for Kyrgyz working in the private sector.
At the same time
How to apply?
You can submit an application for participation in the state mortgage program online, without leaving home. To fill out an application, you need to go to the official website of the State Mortgage Company (follow the link https://portal.gik.kg) and fill in all the required fields.
After registration, you will have a personal account (PA) and an SMS message with a temporary password will be sent to the phone number you specified. After logging into your account, you will need to set a permanent password. Next, you will need to pay for the services – 180 som. This is the cost of the Civil Inspection request to government agencies about the applicant’s marital status, his work history and the availability of housing.
After payment in your personal account, in the “My applications” section, you need to click “Add application”, enter additional information and send it to the State Inspection for verification. The status of the application should be “Submitted for review”. According to the company, its review will take several days.
