The main intrigue of the lending market in Kazakhstan — what will happen to mortgages in 2015? Some banks have suspended issuing such loans at the end of last year. Aigul KASENOVA, press-secretary of JSC "Nurbank," answered questions from the portal www.millioner.kz about what potential borrowers should expect in 2015.
— What are the prospects for mortgage lending in 2015? Will banks willingly issue mortgage loans or, on the contrary, will they slow down or even "freeze" this type of lending? How did the events of 2014 (tenge devaluation, oil price drop, ruble fall) affect mortgage lending?
— The events of 2014, related to changes in the US dollar exchange rate against the national currency, a decline in energy prices, and other negative phenomena in Kazakhstan's economy, naturally contributed to a reduction in the offer of mortgage loans from second-tier banks. However, this does not mean that banks will "freeze" this area of lending in 2015. Mortgages have traditionally been in demand among consumers of banking products. Therefore, by making an upward adjustment in the prices of mortgage loans, banks will continue to lend for mortgages.
— So, will interest rates on mortgage loans rise?
— Each bank has its own pricing policy, based on the law of supply and demand. However, we forecast an increase in rates and/or fees for mortgage products amid deteriorating macroeconomic indicators in Kazakhstan.
— Will banks change their policy on issuing mortgage loans in 2015, will they tighten requirements for borrowers?
— In our opinion, the requirements for borrowers will remain at the 2014 level.
— What will be the ratio of mortgage loans issued in tenge and dollars?
— Certainly, loans in the national currency will prevail, based on consumers' devaluation expectations, current BTV product offers, and the fact that the overwhelming majority of the population receives income in tenge.