Application for individual application of additional debt relief in the form of debt reduction/forgiveness under the refinancing program

 

 

To the Chairman of the Complaints Commission

borrowers regarding the refusals received in

refinancing of mortgage housing

loan under the Agency of the Republic of Kazakhstan for

regulation and development of the financial market

Republic of Kazakhstan, Almaty, residential district "Koktem-3", house 21

from the Borrower/Mortgagor:

K.O.A.

INN no.

address: Almaty, 190 G. ave., sq. 3.

+7 777 ……

Representative by proxy:

Law and Law Law Firm  

BIN 201240021767

79/71 Abylai Khan Ave., office 304, Almaty.

info@zakonpravo.kz / www.zakonpravo.kz

+ 7 727 978 5755; +7 708 578 5758.

 

Statement

on the individual application of additional debt relief in the form of debt reduction/forgiveness under the refinancing program

 

In order to implement the instructions of the Head of State. The Government and the National Bank of the Republic of Kazakhstan have adopted Resolution No. 69 of April 24, 2015 Housing mortgage loans/Mortgage loans refinancing program, as amended (regarding the refinancing of housing mortgage loans issued in foreign currency), approved by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated December 23, 2019. The specified Program assumes that state support will be provided to citizens who received mortgage housing loans/mortgage loans in the period from 2004 to 2009, providing only housing, including borrowers belonging to socially vulnerable segments of the population in accordance with Article 68 of the Law of the Republic of Kazakhstan "On Housing Relations".  

Due to his age, the borrower is an old-age pensioner, his marital status is not married, he has no children, he has chronic diseases according to medical certificates, and the mortgage property is the only one for her.

Based on the above, within the framework of the refinancing program, a Bank Loan Agreement No.5.2.-02/022GPRF-2019 dated June 25, 2019 with monthly payments of 154,000 tenge was concluded between the Borrower.

Subsequently, we submitted a reasoned application to the bank for individual application of additional debt relief in the form of debt reduction/forgiveness under the refinancing program no.

However, the bank subsequently replied that the allocated limit had been fully utilized, and therefore it was not possible to make a decision today.

To date, the Borrower and the mortgagor in one person are going through difficult times accompanied by financial difficulties that have led to a deterioration in health and a moral and psychological decline in their general condition.

By sending this letter to you, we hope for your understanding of our critical condition and for your support in joining the state refinancing program to receive additional assistance.

I would like to note, referring to the above-mentioned Resolutions, as well as Resolutions No. 114, where it is stipulated that, in order to ease the borrower's debt burden, the Bank, the CFC, the Organization forgives the borrower's debt for remuneration, commission, penalty (penalty, fine) and has the right to apply other improving conditions aimed at reducing the borrower's debt burden.

The Bank and the Organization can also provide additional assistance provided by the Program at their own expense. Based on the results of the analysis of the program implementation, President of the Republic of Kazakhstan Kassym-Jomart Tokayev instructed the government and the National Bank to develop a number of measures aimed at supporting borrowers experiencing difficulties in servicing loans.

An analysis of the implementation of the first and second parts of the Program has shown that additional government support is especially needed by citizens who belong to the NHS category and have previously refinanced their loans under the terms of the Program. The incomes of this category of citizens in the form of social benefits and payments from the budget do not allow them to service their loans even under the simplified terms of the Program. In this regard, in accordance with the instructions of the President of the Republic of Kazakhstan K.K. Tokayeva, On December 23, 2019, the third part of the Program was launched, which grants banks the right, based on an analysis of the borrower's financial and social situation, to apply individually additional debt relief mechanisms in the form of reducing/forgiving the principal debt, establishing preferential schedules with a monthly payment of 20,000 tenge and maintaining the borrower's income at least the subsistence minimum.

In order to preserve the borrower's ownership of the only housing, financial institutions have been granted the right to finance the borrower at an interest rate of 3% per annum, or to lease the home to him with the possibility of subsequent purchase.

During the implementation of the Program, citizens' appeals and proposals from public associations were analyzed, on the basis of which, in September 2020, the National Bank of Kazakhstan and the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market approved amendments to improve the terms of the Program.

Also in The Resolution Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market No. 82 dated October 30, 2023 (hereinafter referred to as the Program). In particular, in subclauses 17-3, 17-6, in order to ease the debt burden of borrowers who find themselves in a difficult financial situation on a refinanced loan, the Bank may provide additional assistance at its own expense to borrowers who have applied before October 01, 2024.

Based on the above and in accordance with the Resolution of the National Bank of the Republic of Kazakhstan No. 69,

 

ask you:

·       I ask you to consider the legality of the Bank's refusal.;

·       Apply additional debt relief on an individual basis in the form of debt reduction/forgiveness under the refinancing program.

 

Yours sincerely, K.O.A.

 

 

Proxy Representative Lawyer:                       Sarzhanov G.T.

 

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