OREANDA-NEWS. September 09, 2011. Kazkommertsbank has made 851 mortgage loans cheaper at the expense of the funds arriving from scheduled repayments of loans refinanced, and plans in agreement with Samruk-Kazyna National Welfare Fund to continue accepting new applications under the State Mortgage Refinancing Program until February 2012, reported the press-centre of KASE.

"We want to emphasize that the program will operate for another six months. Despite the fact that the economic situation in the country is normalized, the state does not stop its stabilization programs,"- said Adil Batyrbekov, Managing Director of Kazkommertsbank.

As of 2 September 2011 the amount of funds released of Samruk-Kazyna NWF, generated by repayments of earlier refinanced loans amounted to over KZT 6.4 bln, of which 851 mortgage loans refinanced for about KZT 4 bln.

In addition, the bank at its own expense helped its customers to improve the conditions of mortgage loans by making cheaper 227 mortgage loans totaling KZT 1.7 bln.

As previously reported, from 1 March to 13 August 2009 there were drawn all KZT 24 bln allocated by the Government for Kazkommertsbank through the Samruk-Kazyna NWF, as a result the interest rates were reduced for 5,922 borrowers, including 1,491 social and public sector workers.

By September 2009, when the number of applications exceeded the capabilities of the program of Samruk-Kazyna NWF, Kazkom continued refinancing from its own resources, as well as from the proceeds of repayments on earlier refinanced loans.

Thus, 7,000 borrowers of Kazkom lowered the interest rates on their mortgage loans under the state support program for borrowers, as well as from own funds of the bank.