Article 3. Housing Construction Savings System of the Law on Housing Construction Savings in the Republic of Kazakhstan

Home / Laws / Article 3. Housing Construction Savings System of the Law on Housing Construction Savings in the Republic of Kazakhstan

1. The subjects of the housing construction savings system are housing construction savings banks, depositors of these banks and the state, which ensures the payment of state premiums from the republican budget.

For the purposes of this Law, housing construction savings banks are also understood to be second-tier banks that do not have the status of a housing construction savings bank, which carry out the activities specified in subparagraphs 1) and 2) of paragraph 1 of Article 5 of this Law on the basis of a banking license obtained in accordance with the banking legislation of the Republic of Kazakhstan.

2. Housing construction savings are deposited and accumulated only in housing construction savings banks in the national currency of the Republic of Kazakhstan.

3. A depositor has the right to have several accounts for contributions to housing construction savings in each housing construction savings bank, with the exception of depositors of savings for major repairs of the common property of a condominium facility, who open only one savings account in any of the second-tier banks. At the same time, the premium of the state at the depositor's choice is credited to only one account in one housing construction savings bank.

3-1. The minimum amount of the contractual amount must be at least five hundred monthly calculation indices established by the law on the republican budget for the relevant financial year.

4. The minimum required amount of accumulated money must be at least fifty percent of the agreed amount.

5. The interest rates on the deposit and the interest rates on the loan are set at the time of conclusion of the housing construction savings agreement and remain constant throughout the term of the agreement.

When a depositor transfers from one tariff program to another on his own initiative, the amount of the deposit interest rate may be changed on the terms determined by the housing construction savings bank during the entire term of the housing construction savings agreement.

The interest rate on a housing loan may not exceed the interest rate on a contribution to housing construction savings by more than three percent per annum.

6. The State's premiums and the remuneration of the housing construction savings bank are used to increase the principal amount of the deposit in accordance with this Law.

7. Government premiums credited to the account of the housing construction savings bank are credited to the accounts of depositors who are citizens of the Republic of Kazakhstan.

8. Housing, intermediate housing and preliminary housing loans may be used only for the purpose of carrying out measures to improve housing conditions in the territory of the Republic of Kazakhstan, which are understood as:

1) construction (including the acquisition of land), the acquisition of housing, including through its exchange for the purpose of improvement;

2) repair and modernization of housing (including the purchase of building materials, payment for contract work);

3) repayment of obligations that have appeared in connection with measures to improve housing conditions;

4) making an initial payment for obtaining a housing mortgage loan from banks and organizations engaged in certain types of banking operations;

5) major repairs of the common property of the condominium facility.

Improvements in housing conditions using lump-sum pension payments or payments of targeted savings from a single accumulative pension fund for the purpose of improving housing conditions and (or) paying for education, payments of savings from an educational accumulative contribution or insurance payments under an educational accumulative insurance contract for improving housing conditions are understood to be the goals defined by the rules for the use of lump-sum pension payments from a single accumulative pension fund. pension fund or rules governing the use of targeted savings, approved by the central executive body responsible for the management and intersectoral coordination in the field of housing relations and housing and communal services, or the rules for calculating, using, and returning initial educational capital approved by the authorized body in the field of science and higher education.

Housing, intermediate housing and preliminary housing loans are issued to depositors for the purposes specified in subitems 1), 2), 3) and 4) of part one of this paragraph.

Depositors of savings for capital repairs of the common property of a condominium facility are given only housing loans for the purpose specified in subparagraph 5) of part one of this paragraph.

9. The depositor has the right to early termination of the housing construction savings agreement and to receive the deposit and the remuneration accrued on it by the housing construction savings bank, except in cases provided for by the Civil Code of the Republic of Kazakhstan and the Law of the Republic of Kazakhstan "On Housing Relations". At the same time, the depositor has the right to receive a state premium if the deposit has accumulated for more than three years on the terms established by the housing construction savings agreement.

In the Republic of Kazakhstan dated December 7, 2000 No. 110.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Resolution Operative Part Lawyer Almaty Lawyer Legal Service Legal advice Civil Criminal Administrative cases Disputes Protection in Arbitration Law Company Kazakhstan Law Firm Court Cases

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases