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LAW OF THE REPUBLIC OF KAZAKHSTAN

of December 7, 2000 No. 110-II

About housing construction savings in the Republic of Kazakhstan

(as amended on 02-07-2018)

Chapter 1. General provisions

Article 1. The relations regulated by this Law

This Law determines the legal basis and governs the relations between subjects of system of housing construction savings connected with its functioning and also conditions, content and forms of its state stimulation.

Article 2. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) preliminary housing loan - the target loan granted by housing construction savings bank to the investor within the contractual amount for the purpose of improvement of housing conditions without repayment provision of principal debt before receipt of the contractual amount on which remaining balance is settled at the expense of the contractual amount according to this Law, domestic credit policy of bank and terms of the contract of bank loan;

2) interim housing loan - the target loan granted by housing construction savings bank to the investor for the purpose of improvement of housing conditions on condition of accumulating of minimum necessary size of cumulative money on which remaining balance is settled at the expense of the contractual amount under the agreement on housing construction savings according to this Law, domestic credit policy of bank and terms of the contract of bank loan;

3) estimative indicator - the settlement size determined by housing construction savings bank by each agreement for forming of priority of payment of the contractual amounts;

4) the amount of cumulative money - the money which is actually saved up by the investor consisting of its deposits added on them remunerations by housing construction savings bank and awards of the state;

5) minimum necessary size of cumulative money - the money determined in the agreement on housing construction savings for receipt of housing loan;

6) accumulating term - period of time during which the investor makes accumulating of housing construction savings;

7) remuneration rate on loan - the interest rate paid by the investor for agreements on housing construction savings and bank loan for the loan granted by housing construction savings bank in percentage expression to principal debt at the rate of the annual size of the money which is due to housing construction savings bank;

8) sales charge - money which is paid by the investor to housing construction savings bank for services in the conclusion of the agreement on housing construction savings;

9) award of the state - the money which is annually allocated from the republican budget and charged on the cumulative deposit amount following the results of year and remuneration of housing construction savings bank;

10) remuneration rate on contribution - the interest rate charged by housing construction savings bank under the contract on housing construction savings for actually cumulative remaining balance of contribution following the results of year according to internal documents of housing construction savings bank;

11) the tariff program - the internal document of housing construction savings bank determining remuneration rates by contribution and other conditions of accumulating and crediting, and also the sizes of sales charges of bank;

12) housing loan - the target loan granted the investor for the purpose of improvement of housing conditions according to this Law and conditions of agreements on housing construction savings, on provision of bank loan;

13) housing construction savings - the money which is saved up by investors in housing construction savings banks for receipt of housing loan with the added remuneration rate on contribution and award of the state for the purpose of holding actions for improvement of housing conditions;

14) system of housing construction savings - the closed system of financing of actions for improvement of housing conditions based on fund raising of the investors in housing construction savings added on them awards of the state and provision of housing loans by it according to this Law and terms of the contract on housing construction savings;

15) the agreement on housing construction savings - the contract between the investor and housing construction savings bank and (or) between the investor, housing construction savings bank and the third parties including signed through the agent (agents) of bank according to this Law and internal documents of housing construction savings bank;

16) contribution (deposit) to housing construction savings - the money deposited by the investor or the third parties to account of the investor, opened in housing construction savings bank in accordance with the terms of the agreement on housing construction savings;

17) the investor of housing construction savings (investor) the physical person which signed the agreement on housing construction savings with housing construction savings bank;

18) remuneration of housing construction savings bank - the money charged by housing construction savings bank according to remuneration rate on contribution;

19) the contractual amount - the amount of money necessary for the investor for holding actions for improvement of housing conditions consisting of housing construction savings and housing loan.

Article 3. System of housing construction savings

1. Subjects of system of housing construction savings are housing construction savings banks, investors of these banks and the state providing payment of awards of the state from the republican budget.

2. Housing construction savings are brought and accumulate only in housing construction savings banks in national currency of the Republic of Kazakhstan.

3. The investor has the right to have several accounts on contribution to housing construction savings in each housing construction savings bank. At the same time the award of the state at the choice of the investor is charged only into one account in one housing construction savings bank.

3-1. The minimum size of the contractual amount shall be at least five hundred monthly settlement indicators established by the law on the republican budget for the corresponding financial year.

4. Minimum necessary size of cumulative money shall be at least fifty percent from the contractual amount.

5. The remuneration rate sizes on contribution and remuneration rates on loan are established at the time of the conclusion of the agreement on housing construction savings and remain constants during all duration of the agreement.

Upon transition of the investor on own initiative from one tariff program in another the remuneration rate size on contribution can be changed on the conditions determined by housing construction savings bank during all duration of the agreement about housing construction savings.

The remuneration rate size on housing loan cannot be higher than the size of rate of remuneration on contribution to housing construction savings more than on three annual interest rates.

6. Awards of the state and remuneration of housing construction savings bank go for increase in the main deposit amount according to this Law.

7. The awards of the state which arrived into the account of housing construction savings bank are enlisted into accounts of investors of citizens of the Republic of Kazakhstan.

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