Impact of Previous Credit Scores on Withdrawal of Retirement Savings
In a recent briefing at the Central Communications Service in Almaty, Lazzat Ibragimova, the head of Otbassy Bank, provided clarifications on the relationship between credit history and mortgage loan applications, as well as the withdrawal of pension savings at Otbassy Bank.
According to Ibragimova's statements, published by Almaty.tv and further detailed by Tengrinews.kz, Otbassy Bank takes into account a client's credit history when determining the terms for a new mortgage loan. A positive credit history, in the absence of overdue debt, is considered when applying for a loan at Otbassy Bank.
However, it is worth noting that if a client has no overdue debt at the time of applying for a loan at Otbassy Bank, their past relations with other second-tier banks are not considered. This clarification sheds light on the mortgage loan application process at Otbassy Bank but does not explicitly detail how the bank considers a client’s credit history when withdrawing pension savings to obtain a new mortgage loan.
In the discussion, Ibragimova also addressed the issue of a bad credit history and its impact on the possibility of receiving lump-sum pension payments. According to her statements, a bad credit history does not affect the possibility of receiving such payments. Overdue debt, she explained, is a factor that negatively impacts a client's credit history.
The discussion continued to focus on the relationship between bad credit history and the withdrawal of pension savings. Ibragimova's statements did not involve the use of pension funds for purposes other than mortgage lending, even in the case of a bad credit history. She also mentioned that clients might seek out second-tier banks for the most favorable terms if the purpose of crediting money to a special account is to obtain a new mortgage loan.
Otbassy Bank is the sole institution in Kazakhstan implementing the housing construction savings system regulated by the Law of RK “On housing construction savings.” The process focuses primarily on the terms of deposits and housing loans regulated by Kazakh law and the bank’s housing construction savings mechanisms rather than explicitly credit history criteria.
In summary, while Otbassy Bank's public information highlights housing savings and loan terms, more precise policies regarding credit history evaluation during pension savings withdrawal related to new mortgage loans would require consulting Otbassy Bank directly or official bank loan documentation.
[1] Source: Search results on Otbasy Bank's housing construction savings system and its impact on credit history evaluation.
Personal-finance considerations play a significant role at Otbassy Bank, as the bank takes into account a client's credit history when determining the terms for a new mortgage loan. On the other hand, a client's past relations with other second-tier banks are not considered in the mortgage loan application process at Otbassy Bank, unless they have overdue debt.
