State assistance for young adults in acquiring apartments: a breakdown of state programs for housing youth for thirty-five years
In a bid to support young citizens and reduce the financial burden of housing, the Kazakhstani government has implemented several programs. These initiatives, aimed at citizens aged 35 and under, offer real mechanisms for acquiring housing, providing opportunities in the labor and real estate markets at an early stage of life.
One such program is the "Nauriz" initiative, popular among young Kazakhstanis with an age range of 18 to 63 years. A mandatory condition for this program is having a deposit in Otbasy Bank. The loan interest rate for the young scientists program is 7% per annum, but can be reduced to 3.5% after accumulating 50% of the loan amount. The loan term for the "Nauriz" program, similar to the "Home" program, is up to 25 years.
The "Home" program, another housing solution, offers a low entry threshold for initial payments, starting from 10%. The interest rate for the "Home" program is affordable, ranging from 7% per annum. The loan term for this program is also up to 25 years.
The "Zhana Baspana" program, which supports military personnel, allows them to acquire housing through participation in the housing savings system. To become a participant in this program, one needs to open a special deposit in Otbasy Bank and can receive a loan at an interest rate of 3.5% to 5% per annum. After accumulating 50% of the housing cost in the "Zhana Baspana" program, participants can apply for a housing loan at the lowest interest rate in the country.
Housing payments in the "Zhana Baspana" program can be used for both renting and saving simultaneously, making it a versatile option for young citizens.
Regional and republican initiatives also focus on supporting young people under 35, young specialists, and young families and individuals starting independent life. The President of Kazakhstan, Kassym-Jomart Tokayev, prioritizes ensuring youth housing in Kazakhstan.
A program called "Young Family" is also in place, but details about its specifics were not provided in the text. The search results do not provide specific conditions that young families in Kazakhstan must fulfill to use this program.
A law signed in December 2022 extended the youth category from 29 to 35 years, allowing more citizens access to these affordable housing programs.
In conclusion, Kazakhstan offers a range of housing programs for its young citizens, providing opportunities for both renting and purchasing homes with affordable interest rates and low initial payments. These initiatives are part of the government's commitment to supporting young people and providing them with a solid foundation for their future.
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