Early use of pension savings: applications to be accepted from Jan 23

The Rules for the use of pension payments to improve housing conditions have come into effect, Kazpravda.kz refers to the Otbasy Bank press service reporting.

On January 23, 2021, Otbasy Bank Housing Construction Savings Bank JSC (a subsidiary of the Baiterek holding), an authorized operator for the targeted use of lump-sum pension payments from the unified accumulative pension fund for the purpose of improving housing conditions and paying for medical treatment, launches an online platform for acceptance of applications for the use of pension savings.

Lump-sum retirement benefits can be used independently. And if the UAPF contributor does not plan to use these payments himself, he can assign them to his close relative and / or spouse.

According to the rules for the use of one-time pension payments to improve housing conditions, these payments are allowed to be used for the following purposes:

1. Repayment of debt on a mortgage loan. You can partially or completely repay the debt on a loan for the purchase of a home, home with repairs under one bank loan agreement obtained from any bank or mortgage company. You can also repay a loan received under the system of housing construction savings, issued for the construction of an individual residential building, including the acquisition of a land plot for individual housing construction or private household plots.

2. Acquisition of housing without a mortgage (full redemption). You can buy an apartment, an individual house, a room in a hostel. A dwelling can be purchased on the primary or secondary market, also in a house under construction through equity participation in housing construction.

3. Obtaining a mortgage loan on housing construction savings system in Otbasy Bank. You can buy an apartment, an individual house, a room in a hostel. The dwelling can be purchased on the primary or secondary market. Also, within the framework of one bank loan agreement, you can purchase housing with repairs, carry out the construction of an individual residential building, including the acquisition of a land plot with the designated purpose of individual housing construction or private household plots.

4. Making an initial payment for obtaining a mortgage loan (including within the framework of financing by an Islamic bank). You can buy an apartment, an individual house, a room in a hostel. Housing can be purchased on the primary or secondary market. Also, within the framework of one bank loan agreement, you can purchase housing with repairs.

5. Partial or full repayment of debt under long-term lease agreements for dwellings with the option to purchase (within the framework of housing construction programs and anti-crisis programs).

6. Construction of an individual residential building (including the purchase of a land plot). You can build an individual dwelling house, including purchasing a land plot with the designated purpose of individual housing construction or private household plots, at the expense of pension savings, and your own funds.

7. Refinancing of a home mortgage loan. You can refinance in Otbasy Bank the mortgage loans issued by other banks for the purchase of housing (including repairs), construction of an individual residential building (including the acquisition of a land plot).

Before submitting an application, you must have a valid electronic digital signature (EDS). You can clarify the available amount of pension savings on the portal of the UAPF RK.

A full text of the Rules can be found at the link http://zan.gov.kz/client/#!/doc/152361/rus.

Source: Kazpravda.kz