After a span of five years, I now call my own apartment home.
A Growing Number of Young Kazakhs Secure Homes through "Elorda Jastary"
This award-winning program is seeing a surge in participants. The project offers 20 million tenge in subsidized lending. Take it from Anuar NABIEV, a flourishing example of its success.
Launched five years ago, the program is making a significant impact, benefiting young workers like Anuar NABIEV.
- As a family of four, my wife and I, along with our three-year-old son and two-year-old daughter, were part of the rental housing program for working youth in 2019. We lived in a state-supplied apartment for five years. During this period, we meticulously saved money for our future home, thanks to the financial breathing room the program provided, - shared his captivating tale the 33-year-old Astanan native.
Working in the medical field, Anuar NABIEV and his spouse were able to save up for the initial down payment during the rental period.
- For five years, we paid a meager 7,500 tenge per month for the apartment. This program is incredibly effective, as it allowed us to set aside funds for the upfront cost of our eventual home. In March of this year, we returned our former apartment and, thanks to the "Elorda Jastary" program, we were able to purchase a three-bedroom apartment on the left bank of the Esil. This opportunity is particularly valuable for young workers. I can't thank the state enough for this initiative, - continued Anuar NABIEV with heartfelt gratitude.*
It's important to mention that the program offers preferential lending for eligible young people. Borrowers can secure loans of up to 20 million tenge with an interest rate of 5% annually and an initial down payment of 10%. Families can find suitable housing on either the primary or secondary markets.
Although "Elorda Jastary" might not be a household name yet, Kazakhstan has been proactive in offering housing assistance to young individuals and families. Notable programs like "Nurly Zhol" (Path of Light) and "Bakytty Otbasy" (Housing for the Well-being of the People) promote affordable housing options.
These government-backed initiatives often require applicants to meet eligibility criteria such as Kazakhstan citizenship, a specific income level, and family status. Creditors assess an applicant's creditworthiness and employment stability. In return, programs offer various benefits such as affordable housing, financial assistance, stimulating homeownership, and social welfare.
If "Elorda Jastary" is a local initiative, it may share similar features as other programs but with tailored requirements and advantages catering to specific regional needs. To get detailed and accurate information about a specific program, it's best to consult local government resources or reach out to relevant authorities in Kazakhstan.
- Thanks to the "Elorda Jastary" program, Anuar NABIEV and his family were able to secure a home through preferential lending, offering them a three-bedroom apartment on the left bank of the Esil.
- Young Kazakhs who wish to purchase personal-finance benefits such as low-interest loans, affordable housing, and financial assistance can explore the "Elorda Jastary" program for opportunities to achieve homeownership.
