Article 8. Distribution of money of the Law on Housing Construction Savings in the Republic of Kazakhstan

Home / RLA / Article 8. Distribution of money of the Law on Housing Construction Savings in the Republic of Kazakhstan

1. The money raised by housing construction savings banks is primarily directed to the payment of contractual amounts in accordance with the distribution of money among depositors by housing construction savings banks on the basis of concluded housing construction savings agreements.

2. The payment of the agreed amount to the depositor is made no earlier than three years after the entry into force of the housing construction savings agreement, provided:

1) compliance of the amount of accumulated money with the obligations assumed under the housing construction savings agreement;

2) (deleted - dated 07/02/2007 N 272 (for the procedure of entry into force, see art. 2);

3) achieving the minimum value of the estimated indicator in the manner calculated by the housing construction savings bank. When calculating the estimated indicator, the duration and compliance with the conditions of accumulation of housing construction savings are taken into account.;

4) providing the depositor with the necessary security for the housing loan;

5) confirmation of the borrower's ability to repay the housing loan.

3. The procedure for determining the estimated indicator is determined by the authorized body for regulation, control and supervision of the financial market and financial organizations and the central authorized body for budget execution.

4. Upon expiration of the accumulation period and if the depositor does not accumulate the minimum required amount of accumulated money, he has the right to receive the deposit, the remuneration accrued on it by the housing construction savings bank, as well as the state premium for accumulating the deposit for more than three years, or to continue accumulating in the housing construction savings bank with the accrual of the state premium.

The state's premium is accrued until the time of receipt of the housing loan.

5. Housing construction savings banks have the right to provide depositors with interim housing and pre-housing loans on the terms stipulated in the bank loan agreements.

6. In order to provide interim housing and pre-housing loans, long-term budget loans at a preferential interest rate can be used.

Interim housing and pre-housing loans are provided to depositors as part of the implementation of documents of the State Planning System of the Republic of Kazakhstan at the expense of long-term budget loans or long-term budget loans and funds of the housing construction savings bank.

The interest rate on interim housing and pre-housing loans provided to depositors as part of the implementation of documents of the State Planning System of the Republic of Kazakhstan at the expense of long-term budget loans or long-term budget loans and funds of the housing construction savings bank is established in accordance with the loan agreement.

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

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