Perfection mortgage lending in Kazakhstan

One of the ways of development of mortgage lending is developed by the relevant ministries, "State program of housing construction in the Republic of Kazakhstan for 2012-2014", in which it is planned to provide a steady rate of growth of housing available to the general population by reducing its cost increase in terms of housing lending, reducing the down payment and lending rates. These activities will be implemented in two phases.

In the first stage (2014) is made:

- The adoption of measures to further reduce the level of inflation, which will reduce interest rates on mortgage loans;

- The capitalization of CFC of $ 6.4 bn. In order to ensure the sustainability of the company;

- Issuance of mortgage bonds in the amount of CFC 34.9 billion. tenge with maturity up to 20 years to finance the demand for affordable housing;

- Capitalization KFGIK to reduce the size of the down payment to 10% of the cost of housing in the amount of 1.5 billion. tenge;

- Issue of long-term (up to 20 years) government securities by the Ministry of Finance to maintain a "benchmark" before the issuance of mortgage bonds KMC;

- Changes to the current legislation of the Republic of Kazakhstan regarding the possibility of securing mortgages with a burden on their prepayment during the first three years.

In the second phase (2012-2014) will be taken the following measures:

- The capitalization of CFC 20.4 bn. In order to ensure the sustainability of the company with a significant increase in the volume of mortgage lending;

- Issuance of mortgage bonds in the amount of 111.2 billion. tenge with maturity up to 20 years to finance the demand for affordable housing, built 2006-2007;

- Capitalization KFGIK to reduce the size of the down payment to 10% of the cost of housing in the amount of 2.3 billion.tenge

Formation and development in modern Kazakhstan mortgage lending system is inextricably linked to the creation of infrastructure, such as:

- A unified system of compulsory registration of real estate (land, housing, industrial real estate);

- Specialized agencies, real estate appraisal;

- Specialized mortgage banks;

- Non-bank financial institutions;

- Extra-budgetary funds;

- insurance companies.

In the process of implementation of the program is expected to achieve certain results. Namely, during the period of the program all the offers of new affordable housing will be blocked solvent demand of citizens - participants in the system of mortgage lending. According to estimates, the system of mortgage lending will benefit 49,000 families.

In order to reduce interest rates on mortgage loans can recommend the following:

- Create conditions for easy placement by banks of mortgage bonds on the securities market;

- Actively attract foreign investors with their cheaper credit resources;

- To enable the banks to gradually reduce its margins by reducing unit costs for the maintenance of the service mortgage loans, thanks to a set of sufficiently large mass of the loan portfolio;

- Contribute to the further stabilization of the economic situation in the country, ensuring the reduction of inflation and the rate of refinancing.

In order to assess the risk of commercial banks issued construction loan, the lender must carefully analyze the whole set of risk factors, including the level of demand for this type of housing, the market capacity, the ability of the developer to control the timing and cost estimates in the course of construction, that at its completion enter the planned prices and thus sustain the proposed terms of sale of the original property.

Creditor bank must also ensure the successful solution of the problem of minimizing credit risk and interest rate risk. This acceptable level of credit risk, as a rule, can be provided, or by obtaining guarantees from the borrower's employer, or through the use of the lease property with the right to redeem its subsequent

With regard to interest rate risk, the banks are recommended to protect themselves by applying variable (floating) rate or indexed credit instruments tied to the dollar (euro), or rates on interbank loans. Effective in this case may be lending fixed rate and index the remaining amount payable in accordance with the change in the minimum wage.

With the development of the mortgage market is recommended to use different models to attract long-term credit resources, including:

- The release of the creditors of issued mortgage-backed securities and their implementation in the financial market;

- Refinancing lenders through a system of collective investments;

- Refinancing lenders through operators of the secondary mortgage market.

Providing financial resources for long-term loans of the population is made possible by funds raised independently by creditors in the primary market, and the funds raised on the secondary market through specialized operators.

The main role in the formation and implementation of mortgage housing programs today should be assigned to the regions and municipalities, which already apply the system of preferential lending compensated from the local budget of the interest payments on the loan. For efficient use of all the participants of the investment - the construction process is necessary to determine a rational relationship between the investment resources of the budget, the public and the banks. This will develop a regulatory approach to the use of public investment and provide a basis for the development and implementation of municipal housing programs on the basis of organizational and economic models of mortgages. These organizational and economic models need to reflect the organizational structure and economic relations of subjects, as well as the sequence of the implementation of the mortgage program for their construction is necessary to form a universal functional modules (units), which determine the need for investment entities mortgages.

Based on the analysis of a large number of existing and planned residential mortgages are four basic universal functional modules which are their main subjects:

- Module "clientele" - combines key customer in the system of mortgage lending;

- Investment credit module, which performs the function of a financial investor creditor bank, issuing loans to customers and service construction firms;

- Module construction and implementation, which consists of the construction and real estate firms. It should combine the functions of housing and the implementation of its consumers;

- The control unit, which includes the structural units of the city administration, distributing targeted budget funds, coordinating the work of all the subjects of mortgages, management development and implementation of mortgage housing programs.

The functional purpose of each module must be determined by a set of tasks assigned to them within the framework of relevant organizational and economic model of the mortgage program, and versatility - a standard set of functions that it can perform in a variety of models.

To take full advantage of the benefits of different sources of financing the construction and take into account their drawbacks are also encouraged to use the mixed investment strategies based on the construction of predictive models of sales (attracting investment).

It is also one of the ways of development of mortgage lending is the creation of the Kazakhstan Mortgage Company, which allows borrowers to obtain long-term loans on more favorable terms. Established the company attractive for Kazakh citizens, because:

- Relatively low interest rates, as well as the first time the mechanism will be used to establish the upper limits of interest rates, above which the rate can go up, regardless of the sharp rise in the market;

- Denominirovanie in tenge, without fixing their currency equivalent;

- Long-term;

- Repayment of the loan annuity payments;

- Housing sold at the option of the borrower, in accordance with his abilities and desires.

The successful development of mortgage in the country can contribute significantly to the inclusion in public policy of the whole system of measures, such as providing targeted credit resources, the provision of state guarantees to secure mortgages and loans, implemented under the issue of securities for the secondary market, as well as multiple forms of targeted support for specific citizens who receive mortgage loans for housing or business development. It should identify a number of factors that have a direct relation to the problem:

- Legal factors, the general state of the legal environment of society. As a general rule, the successful development of mortgage lending is possible only in the allocation of a special unit of the laws and regulations governing the content and procedure of the mortgage operations of their members;

- Economic factors affecting the development of mortgage lending include the overall development of the financial and credit markets and the securities market in the country, the hardness of the currency and inflation, the solvency of the population, which determines the scope and dynamics of the property market. Of particular importance in this group of factors is the development of a system of insurance of all kinds of economic risks associated with a mortgage. In addition, for the normal development of the mortgage insurance is required of the objects of real estate, borrower life and give him credit, and insurance of liquidity and profitability of securities backed by mortgages on real estate;

- Psychological factors and historical conditions also exert a certain influence on the development and form of mortgage lending. A special role is played by the tradition of accumulation of funds or lack thereof, as well as related to the credit of the population.

The variety of the factors considered was the basis for education in the world of dozens of varieties and options for mortgage lending.

To this day the property remains the privilege of the rich. Therefore it is not unimportant role played by the state, which can help the development of the secondary market.

State housing policy in solving housing problems should be to focus on that part of the population that has a middle-income and equity balance.

The infusion of cash resources in the form of subsidies from the state, eventually will not significant, since it relies on a specific group of people. More effective would be played by credit facilities, lower interest rates. And the need to establish a procedure for the rapid processing of documents related to the provision and maintenance of housing mortgage loans.

In general, mortgage lending market in Kazakhstan is significantly different from the market in almost any other country in the world.

In most countries, housing loans provided a large and diverse group of creditors and investors, such as banks, savings associations, credit unions, insurance companies, mortgage bankers and public institutions. In this respect, the market housing loans reflects the banking system.

It is possible that in our country the need for the development of mortgage lending will increase, with appropriate credit mechanisms that allow to make them more affordable and accessible, and only then we can evaluate and recognize the dignity of the mortgage.

Conclusion

Thus, we can conclude that the country mortgage lending is gaining momentum, proof of this is the positive dynamics of the increase in mortgage lending and is still an unmet need for public housing. In a message to the President of Kazakhstan in January 2013, "Socio-economic modernization - main direction of development of Kazakhstan" it was said that a new stage of Kazakhstan's way - a new challenge to strengthen the economy, improve people's welfare. Kazakhstan is vitally important to find an optimal balance between economic success and providing public goods. In the modern world it is the fundamental question of socio-economic modernization. This is the main vector of Kazakhstan's development in the next decade. We need to implement complex tasks in ten directions. Wherein the first, employment in Kazakhstan. And the second affordable housing. As part of this message will begin a new program of housing construction. So once again the President outlined the problem of affordable housing for the population. And as long as this demand is not satisfied, the mortgage for the people, as a way to buy their own homes, will not lose its relevance.

Mortgage lending in Kazakhstan has a short history, due to the generally short history of the sovereign state of Kazakhstan. However, that term did not become an obstacle to the formation and development of mortgage lending. Kazakh commercial banks at an early stage of its development became widely used when a mortgage loan customer service.

Over the years, services of banks for mortgage loans have become very popular among the population. Since the establishment of the Kazakhstan mortgage company in the whole country carried out refinance loans worth more than one billion tenge and the total amount of mortgage loans issued by banks, has reached nearly eight billion tenge.

The solution of housing problems of the population is one of the most important social problems. Therefore, along with the expansion of the mortgage lending must be developed and individual housing construction.

Because it is relevant to other regions, banks need to pay more attention to the issue of long-term lending for housing and accelerate the appearance on the market of this type of service.

The fact of the mortgage lending talks about a measure of stability in the economy. That is, the state is not afraid to build long credit schemes under the pledge of future housing, and the interest is becoming lower and lower.

At the same time, mortgage lending has not solved the problem, most of which is related to the number of unsettled legal issues of the mortgage, as well as the need for further development of mortgage lending instruments.

Credit conditions, offered by banks at the moment, due to the structure of borrowed funds. Since resources are involved primarily in foreign currency for a period not exceeding 3 years, the possibility of long-term lending in the national currency is very limited. In this situation, people are reluctant to apply for mortgage loans for fear of devaluation of the national currency, since most citizens receive income in tenge. Moreover, small credit terms imply the need for substantial monthly payments to repay the loan, which significantly affects the personal budget and living standards.

The economic recovery in the post-crisis period contributed to higher prices in the property market in Kazakhstan. As a result of a slight increase in the investment attractiveness of this segment could be one of the factors contributing to the further acquisition of public property as the object of long-term investments.

Kazakhstan must be a system of mortgage lending, aimed primarily at meeting the needs of ordinary people. It should create conditions for increasing the volume of lending on reasonable terms, namely lending in tenge without fixing the currency equivalent, at low interest rates and for longer periods.

Currently, however, the activity of the real estate market is limited to low demand from the population and reducing the role of mortgage lending. Regionally remains high differentiation activity. Despite some increase in prices, the preconditions for the formation of "bubble" in the housing market is not currently there. However, a shortage of housing makes it more accessible.

Financial analysts suggest that to improve the situation on the market could be foreign banks, which gradually are looking at our market. It is obvious that it - not a Russian banks represented in Kazakhstan, where mortgage rates are not lower than in Kazakhstan.

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