A successful case is the inclusion in the State refinancing program for mortgage and housing loans

The company's office was contacted by a Client who had a loan agreement in the bank, under which the only property was mortgaged. The Bank intended to sell this property to repay the debt. The firm's lawyers have conducted numerous lawsuits in order to delay the process of real estate sales. So, soon the Client passed through the state refinancing program at 3% per annum and all problems with the bank were resolved. Since, in accordance with the Mortgage Loan Agreement, on August 29, 2008, Nur Bank JSC and IP K (hereinafter referred to as the Borrower) concluded a loan agreement no. 45/08-01-1 , as well as SOCL. 45/08-01-2 dated 11/21/2008, under the terms of which the loan was issued in the amount of 12,000,000 tenge. In order to ensure the fulfillment of obligations, a land plot was provided as collateral, located at 173 Astana Street and cottages in Almaty, Bostandyk district.

Under the terms of the agreement, the Borrower has committed to monthly repayment of the debt, according to the schedule, which is an integral part of the loan agreement. Due to financial difficulties, the Borrower made numerous written and oral requests to the Bank to provide any preferential conditions for fulfilling obligations under the Bank Loan Agreement, hoping to resolve the situation in a pre-trial, peaceful manner. The Bank fulfilled its obligations and provided the Borrower with funds. The obligations assumed by the borrower to repay the loan funds were not properly fulfilled. After that, the Bank declared the Borrower insolvent and sued the court for debt collection. On April 26, 2013, the Bostandyk District Court of Almaty, Talapova G.T., considered a civil case on the claim of Nur Bank JSC against IP "K"., for the recovery of the amount owed, the Court decided to partially satisfy the claims of Nur BAnk JSC against IP "K"., for the recovery of the amount owed.

To date, due to the improper execution of the decision of the Bostandyk court in Almaty, the court has issued a writ of execution, on the basis of which Private Bailiff R.P. Kalieva initiated enforcement proceedings No.45/20-75-2595 In 2015, to reduce the debt burden of citizens, the First President, Leader of the Nation Nursultan Nazarbayev, was instructed to mitigate debt loads under mortgage agreements. Subsequently, on the basis of the decree of the First President of the Republic of Kazakhstan, the Board of the National Bank of the Republic of Kazakhstan adopted Resolution No. 69 on April 24, 2015 on the program of refinancing mortgage housing loans/mortgage loans for citizens who find themselves in a difficult financial situation. In order to implement the instructions of the Head of State, the Government and the National Bank of the Republic of Kazakhstan have adopted a Program for refinancing residential mortgage loans.

The specified Program assumes that state support will be provided to citizens who have received mortgage housing loans/ mortgages in the amount of no more than 50 0000.00 tenge, to ensure the only housing, including borrowers belonging to socially vulnerable segments of the population in accordance with Article 68 of the Law of the Republic of Kazakhstan "On Housing Relations". The allocated funds will be used to ease the conditions for servicing residential mortgage loans/mortgages. Successful case study inclusion in the State Refinancing program for mortgage and housing loans. Subsequently, a letter was sent hoping for understanding of the critical condition and for support in including Borrowers in the state housing mortgage refinancing program based on the Resolution of December 23, 2019, the Board of the National Bank of the Republic of Kazakhstan approved amendments and additions to the Mortgage Refinancing Program No. 250. The borrower belongs to the socially vulnerable segment of the population as she is a single mother and mother of five children. Socially vulnerable segments of the population are citizens who, due to the circumstances of their lives, have lost the opportunity to work physically. The following facts may be the reason to enroll a Borrower in this stratum:

poor health related to serious illnesses;

family circumstances;

old age;

unforeseen disasters on a large scale.

Citizens belonging to this status are guaranteed financial assistance and various benefits. This also applies to assistance from the Bank. Socially vulnerable segments of the population need support, as for objective reasons they will not be able to provide themselves with the necessary income. The country's leadership cares about how the population of the Republic of Kazakhstan lives, and first of all seeks to help those who cannot cope without such support. Today, the Borrower is going through difficult times due to the global pandemic, where the President of the Republic of Kazakhstan has adopted Decree 306, 310. I would like to note, referring to the above-mentioned Resolutions No. 250, that in order to ease the borrower's debt burden, the Bank, the CFC, the Organization forgives the borrower's debt for remuneration, commission, penalty (penalty, fine) and has the right to apply other improving conditions aimed at reducing the borrower's debt burden. Also, the Bank or Organization can provide additional assistance provided by the Program at their own expense. Based on the results of the analysis of the program implementation, President of the Republic of Kazakhstan Kassym-Jomart Tokayev instructed the government and the National Bank to develop a number of measures aimed at supporting borrowers experiencing difficulties in servicing loans.

 

Since the above Program has been approved, you have the opportunity to review applications under the terms of the approved Program for the adoption of an appropriate loan restructuring program, as well as consider suspending procedures for the sale of the borrower's collateral, the return of lawsuits and the revocation of writ of execution. Based on the above and in accordance with the Resolution of the National Bank of the Republic of Kazakhstan No. 69, Borrowers were asked to be included in the program of refinancing mortgage housing loans approved by the National Bank of the Republic of Kazakhstan No. 69; To withdraw the enforcement proceedings on the compulsory execution of a court decision from the CCI. 

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