JOINT ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN AND RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 29, 2016 No. 701, on December 26, 2016 No. 317

About approval of Rules of determination of estimative indicator

According to the Law of the Republic of Kazakhstan of December 7, 2000 "About housing construction savings in the Republic of Kazakhstan" the Minister of Finance of the Republic of Kazakhstan DECIDES: PRIKAZYVAYET and Board of National Bank of the Republic of Kazakhstan

1. Approve the enclosed Rules of determination of estimative indicator.

2. Declare invalid the order of the Minister of Finance of the Republic of Kazakhstan of September 8, 2003 No. 333 and the resolution of Board of National Bank of the Republic of Kazakhstan of August 21, 2003 No. 308 "About approval of Rules of determination of estimative indicator by housing construction savings banks in the Republic of Kazakhstan" (registered in the Register of state registration of regulatory legal acts at No. 2497, published on October 4, 2003 in the Kazakhstanskaya Pravda newspaper No. 284-285 (24224-24225)).

3. To provide to legal department (Sarsenov N. V.) in the procedure established by the legislation of the Republic of Kazakhstan:

1) state registration of the presents of the joint order and resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) the direction of the presents of the joint order and resolution in the republican state company on the right of economic maintaining "The republican center of legal information of the Ministry of Justice of the Republic of Kazakhstan" for inclusion in the State register of regulatory legal acts of the Republic of Kazakhstan, Reference control bank of regulatory legal acts of the Republic of Kazakhstan within ten calendar days from the date of their state registration in the Ministry of Justice of the Republic of Kazakhstan;

3) placement of the presents of the joint order and resolution on official Internet resource of National Bank of the Republic of Kazakhstan after their official publication.

4. To management on consumer protection of financial services and external communications (Terentyev A. L.) provide the direction of the presents of the joint order and resolution on official publication in periodic printing editions within ten calendar days after their state registration in the Ministry of Justice of the Republic of Kazakhstan.

5. To assign control of execution of the presents of the joint order and resolution to the Minister of Finance of the Republic of Kazakhstan Sultanov B. T. and Chairman of National Bank of the Republic of Kazakhstan Akishev D. T.

6. The presents the joint order and the resolution become effective after ten calendar days after day of their first official publication.

No. 701, No. 317 are approved on December 26, 2016 joint by the Order of the Minister of Finance of the Republic of Kazakhstan and the Resolution of Board of National Bank of the Republic of Kazakhstan of December 29, 2016

Rules of determination of estimative indicator

Chapter 1. General provisions

1. These rules of determination of estimative indicator (further - Rules) are developed according to the Law of the Republic of Kazakhstan of December 7, 2000 "About housing construction savings in the Republic of Kazakhstan" (further - the Law) and establish procedure for determination of estimative indicator by housing construction savings banks in the Republic of Kazakhstan.

2. In Rules the concepts provided by the Law and also the following concepts are used:

1) the moment of calculation of estimative indicator - the moment of determination of value of estimative indicator under the agreement on housing construction savings coming on condition of accumulating by the investor of the amount determined by the agreement and the expiration of the accumulating term determined by the agreement, but not earlier than in three years after the conclusion of the agreement on housing construction savings.

2) the minimum value of estimative indicator - value of estimative indicator which not achievement is the basis for refusal in provision of housing loan.

Chapter 2. Procedure for determination of estimative indicator

3. The estimative indicator is calculated on monthly basis under agreements under which minimum necessary amount of accumulatings and the minimum term of accumulating are reached 3 (three) years.

4. The following formula is applied to calculation of estimative indicator:

where:

OP - estimative indicator;

Bi - the i-go amount of payment (contribution);

Pi - the amount of the added remuneration;

Gi - the amount of the added state award;

% - rate of remuneration of bank on contribution;

Ti - the period from the moment of introduction of payment (contribution) until calculation of estimative indicator;

i, n - sequence numbers of payments (deposits);

DS - the contractual amount.

5. For calculation of estimative indicator month contains 30 (thirty) days, quarter - 90 (ninety) days, year - 360 (three hundred sixty) days.

6. The given formula for calculation of estimative indicator considers the following factors:

1) completeness and timeliness of implementation by the investor of payments (deposits): value of estimative indicator decreases when implementing by the investor of untimely payments or payments below the amounts of introduction of payment (contribution) calculated on condition of uniform introduction of payments (deposits) during all term of accumulating;

2) early introduction by the investor of payments (deposits): value of estimative indicator increases when implementing by the investor of early payments at initial stage of accumulating;

3) duration of term of accumulating of savings: value of estimative indicator increases in process of increase in term of accumulating;

4) schedule of implementation by the investor of accumulatings: value of estimative indicator is higher when implementing of the deposits descending by the sizes (from higher in the first years of accumulating to minimum in subsequent), than when implementing of the deposits ascending by the sizes (from minimum in the first years to maximum in subsequent).

7. The minimum value of estimative indicator which achievement is necessary for receipt of housing loan is determined by housing construction savings bank depending on the applied tariff programs of bank.

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