Turkmenistan marks 5th anniversary of presidential decree on mortgage lending |
Five years have passed since the adoption by the head of state of the decree "On social security and improvement of living conditions of Turkmenistan citizens." This document, supplemented by subsequent resolutions by Turkmen President Saparmurat Niyazov, gave boost to implementation of the mortgage lending program providing the population with necessary conditions and opportunities to purchase luxury apartments, the State news agency (TDH) reports.
At present, thousands of Turkmen families live in their own luxury apartments with improved layout which they bought either on preferential terms (with a discount reaching 70% in some cases) or at the full cost. Long-term credits are provided by commercial "President Bank".
The "President Bank" is charged with issuing credits with maturity term of 15 years on condition that the first installment (up to 30%) will be made by the borrower. The distinctive feature of the improved crediting mechanism is a five-year grace period during which the apartment owner has to pay just a 3% annual interest rate on the monthly basis. The remaining part of the credit may be returned within next 10 years. The head of Turkmenistan also obliged principals of apartment houses and the capital's administration to cover the most part of operation costs of such apartment houses.
The 3% annual interest rate and the five-year grace period is a striking example of social orientation of the Turkmen President's decision, the TDH notes. Construction of the 8th line of such kind dwellings will start in the near future.
As of today, 63 luxury apartment houses with improved layout accounting for almost 2,5 thousand apartments have been built by foreign contractors in Ashgabat. Today, construction of 95 more luxury apartment houses is under way in the city. Besides, 37 projects are on a waiting list.
At present, thousands of Turkmen families live in their own luxury apartments with improved layout which they bought either on preferential terms (with a discount reaching 70% in some cases) or at the full cost. Long-term credits are provided by commercial "President Bank".
The "President Bank" is charged with issuing credits with maturity term of 15 years on condition that the first installment (up to 30%) will be made by the borrower. The distinctive feature of the improved crediting mechanism is a five-year grace period during which the apartment owner has to pay just a 3% annual interest rate on the monthly basis. The remaining part of the credit may be returned within next 10 years. The head of Turkmenistan also obliged principals of apartment houses and the capital's administration to cover the most part of operation costs of such apartment houses.
The 3% annual interest rate and the five-year grace period is a striking example of social orientation of the Turkmen President's decision, the TDH notes. Construction of the 8th line of such kind dwellings will start in the near future.
As of today, 63 luxury apartment houses with improved layout accounting for almost 2,5 thousand apartments have been built by foreign contractors in Ashgabat. Today, construction of 95 more luxury apartment houses is under way in the city. Besides, 37 projects are on a waiting list.