A comparative analysis of mortgage lending practices in Central Asian countries showed that the lowest mortgage rates in the region were found in Turkmenistan, according to “Voice of CIS”.
State commercial banks of Turkmenistan offer mortgage loans at favorable interest rates to residents of the country who have bought apartments and houses of high comfort. For citizens of our country, it is possible to take long-term loans from banks at the rate of 1% per annum of the cost of housing for up to 30 years and deferred basic payments for 5 years. That is, the Bank's client pays only interest for the first 5 years, and pays for the loan for the next 25 years.
In Kazakhstan, the state program "7-20-25"was approved in May 2018. The loan is issued at 7% per annum, the initial payment is 20%, and the maximum loan term is 25 years. In Kyrgyzstan, the minimum interest rate is 6-8% per annum, but the loan term is less-up to 15 years, and the minimum contribution ranges from 10 to 40%.
Banks in Uzbekistan offer preferential loans for housing at 7-16% per annum. There are banks where rates are higher than 20%. Initial contributions vary from 10 to 25%. In Tajikistan, mortgage interest rates start at 12% and in some banks reach up to 30%. The average amount of your own contribution is 30%.
According to the source, these figures show that the most favorable mortgage rates are offered by banks in Turkmenistan. This is a Turkmen socially-oriented policy to provide residents with access to comfortable housing.