"Long term" payment by installments on housing gains steam in Almaty
In October, 2015 one of the largest Almaty builders — Global construction company — declared start of "long" payment by installments on housing estates comfort and a business class for a period of 5 and 10 years. For whom this program intended, what are main conditions and how it differs from a bank mortgage? We asked questions the marketing and sales director of the Global company Tatyana Neverko:
— Whether the started program of payment by installments is in demand from buyers?
— We understand that in the period of instability and decrease in solvency people need available financial programs on acquisition of housing. It is confirmed by demand that we see today. After a notifying about payment by installments squall of calls fell upon call center of the company, we work without breaks and days off to the last client to inform everyone. And quantity of transactions on this product grow.
— What main conditions of acquisition of the apartment by installments?
— From the client: initial contribution not less than 30 % and identity card. From our party: we fix the apartment price in tenge for all term of payment by installments, that means changes of currencies rates won't affect payment by installments cost. Keys are transferred to the client for implementation of repair and settling. Payment by installments term — from 5 to 10 years depending on the chosen housing estate.
— Which housing estates can be bought by installments?
— Payment by installments for 10 years is provided for residential complexes of a comfort class located around park of the lake Sayran — "Altyn bulak”, “Zhalgau”. For 5 years it is possible to get apartments of a business class in residential complexes "Shakhristan" on Navoi street and “AFD Plaza” on Al-Farabi Ave.
— But after all your payment by installments provides an overpayment?
— Yes, the overpayment is 10 % a year. Today our program of payment by installments unambiguously is one of the best in the market. In fact, it is a mortgage, only the extra charge is lower, than remuneration on banking mortgage products.
— How it differs from a bank mortgage?
— We don't demand confirmation of the income. To leave a mortgage, it is necessary either to sell the apartment, or to send her to bank. In our case there is a return of the apartment of the company, depending on term the cost of the made repair partially comes back, payments on repayment of the apartment with deduction of a penalty come back.
— In that case there is a state program — rent with the right of repayment why to people not to use it?
— Yes, it is valid, this program exists, and it has the consumer. The turn of persons interested to receive affordable housing grows every year on average for 30 %, and apartments transfer only 1 % of people on the waiting list. Besides, in it only the apartments built by a state order so, participate in a certain area and a certain class. We offer the housing estates in good areas constructed for the open market that is a competitive product which keeps in the price and for which quality we are responsible.
— As far as this product is favorable to your company?
— As if strangely it sounded, for us it is more social project. We have a number of apartments — people need to live somewhere. We are glad that could provide available conditions, and people had an opportunity to buy a good housing. If attentively to study all opportunities to buy housing today, payment by installments for 10 years with a 10% overpayment in a year you won't find in any bank, the builder or the individual. But this program , unfortunately, affects limited number of apartments. In three months of action of the program more than 70 % of these apartments already found their owners.
— Thanks for explanations!