Mortgages in 2026: The Key Numbers
Money remains expensive: on October 23, 2026 the National Bank cut the base rate to 15.75% and signaled that it is unlikely to change it again this year — the next decision is due on December 4. Annual inflation in October was 9.2% nationwide and 10.0% in Astana (Bureau of National Statistics). Market mortgages are therefore costly: in autumn 2026 banks lend on resale housing at 19.5–24% nominal (Krisha.kz review; details in the table below).
The maximum annual effective rate on mortgages stays at 25% until January 1, 2027. The cut to 20% from July 1, 2026 announced in the spring did not happen: on June 30 the National Bank and the Agency for Regulation and Development of the Financial Market (ARDFM) moved the change to 2027 (what changes). Against this background buyers turn to state programs: according to the Association of Financiers of Kazakhstan, subsidized programs accounted for 85.1% of new lending in Q1 2026 (73.9% a year earlier), while market mortgage volume fell by 53.6%.
Corrected on November 3, 2026. An earlier version of this article said the mortgage effective-rate cap had been cut to 20% from July 1, 2026. That was wrong: on June 30 the National Bank and the ARDFM kept the 25% cap until the end of 2026 and introduced a cap linked to the down payment from 2027.
The Main Programs in 2026
| Program | Rate | Down payment | Limit for Astana | Key conditions |
|---|---|---|---|---|
| "7-20-25" (commercial banks) | 7% | from 20% | up to KZT 30m | Only new completed housing from developers; no housing for 18 months (spouse included); up to 25 years; once per borrower; KZT 100bn a year in KZT 25bn tranches — the last 2026 tranche opened on October 1 |
| Nauryz (Otbasy Bank) | 7% for vulnerable groups, 9% for others | 10% with finishing, 20% without | up to KZT 36m | Deposit from KZT 2m; no housing for 5 years; up to 19 years; application windows: March 10–31 in 2026, no new intake announced yet |
| Otau (Otbasy Bank) | 7% or 9% | from 20% | up to KZT 36m | For people on the housing waiting list; deposit from KZT 1m; up to 19 years |
| Umai (Otbasy Bank) | 14.8% (effective 16.3–16.8%), down to 5% after saving 50% | from 20% in Astana | up to KZT 50m | Working women aged 18–65 earning up to KZT 1.25m a month (family income for married applicants); new builds via Baspana Market, guaranteed projects under construction or resale built in 2016 or later; second intake from November 3, 2026 |
| Nauryz Askeri (Otbasy Bank) | 9%, reducible to 5% | 0–50% | up to KZT 80m | Military and security-service personnel with housing allowances |
| Bank market mortgage | 19.5–24% nominal; effective rate up to 25% | usually from 20% | based on income | New and resale housing, quick decision, strict income checks; from 2027 the cap is 20% with a 30%+ down payment |
Terms from Krisha.kz, Otbasy Bank, the National Bank, Forbes Kazakhstan and Ulysmedia as of November 2026; limits and application windows change — check the operator's website on the day you apply.
A detailed breakdown of each state program, borrower requirements and how to choose: "Subsidized Mortgages 2026: All Programs".
Bank Rates on Market Mortgages in Autumn 2026
Ten banks in Kazakhstan issue market mortgages. Below are nominal rates on resale-housing loans from the Krisha.kz review in autumn 2026.
| Bank | Resale rate | Down payment and term |
|---|---|---|
| Halyk Bank (Digital Mortgage) | 19.5–22.5% with a 1% fee, 22–24% without a fee | from 20%, up to 20 years |
| Bank CenterCredit | 20.5–21.8% with a 2% fee; Mortgage Plus — 19.5–22.15% with no fee but insurance | from 20%, up to 15 years |
| ForteBank | 21.5% | from 15%, up to 15 years |
| Bereke Bank | 21.7% | from 20%, up to 15 years |
| Altyn Bank | 21–22.3% (22.3% for terms up to 10 years) | from 20% |
| Nurbank | 20–22.2% | from 20% (houses from 30%), up to 20 years |
| Freedom Bank | 22–24% | from 20%, up to 20 years |
| Bank RBK | 22–22.4% | from 30%, up to 15 years |
Nominal rates from the Krisha.kz review (autumn 2026). The final rate depends on income, down payment and insurance — compare effective rates, not nominal ones.
Two kinds of loans come cheaper. Deposit-backed mortgages: part of your own money stays on deposit with the bank and the rate falls — at ForteBank from 16.5% with 20% own funds to 8% with 70%, in Bank CenterCredit's JAÑA program from 16% to 7.5%. Bank–developer partner programs offer new-build rates from 0.1% to 19.8% depending on the bank, the complex and the term; they apply only to specific developers' apartments, so compare the price under such a program with a regular purchase.
What Changes in Late 2026 and in 2027
- The effective-rate cap will depend on the down payment. From January 1, 2027 the mortgage cap is 20% if the down payment is at least 30% of the price (LTV up to 0.7) and 25% for smaller down payments. Until the end of 2026 it is 25% for all loans (National Bank, July 1, 2026).
- "7-20-25": the last tranche of the year. The program has KZT 100bn for 2026; in nine months banks issued 3,696 loans worth KZT 74.9bn, and the last tranche of KZT 25bn opened on October 1. As of October 7 the program operator, the Kazakhstan Sustainability Fund, had received no notice from the National Bank of any change in terms (Krisha.kz).
- Nauryz: more time to find an apartment. The 2026 intake ran March 10–31; no new one has been announced. About 2,000 participants approved in the spring can now search until December 30, 2026 instead of November 12 (Otbasy Bank).
- Umai: second intake from November 3. KZT 20bn has been allocated. The first tranche of KZT 9bn in August was almost fully used: 420 loans were issued (Krisha.kz). Terms and how to apply: "Umai Mortgage 2026" (in Russian).
- Base rate. The National Bank's next decision is on December 4, 2026; the regulator sees a low probability of a change before the year-end.
When buying from Otbasy Bank's partner developers (BI Group was the first), a bridge loan has been available since October 15, 2026 without the six-month wait on deposit. How it works and how much you need to save is explained in "Subsidized Mortgages 2026: All Programs".
How Much You Pay: Worked Examples
Annuity payments below exclude insurance and fees. Over a long term, the gap between a subsidized and a market rate runs into tens of millions of tenge.
| Loan and term | 7% rate | 9% rate | 20% rate |
|---|---|---|---|
| KZT 15m over 15 years | KZT 134,824/mo | KZT 152,140/mo | KZT 263,444/mo |
| KZT 20m over 20 years | KZT 155,060/mo | KZT 179,945/mo | KZT 339,765/mo |
| KZT 30m over 25 years | KZT 212,034/mo | KZT 251,759/mo | KZT 503,536/mo |
Our calculation. Total interest on KZT 20m over 20 years: about KZT 17.2m at 7%, KZT 23.2m at 9% and KZT 61.5m at 20%.
To compare with renting, see "Renting or a Mortgage in Astana" and the ROI calculator.
Mortgages for Investors: When a Loan Makes Sense
Statistics give a yield benchmark: in August 2026 average rent in Astana was KZT 6,079 per m² per month, and the average resale price was KZT 740,356 per m² (Bureau of National Statistics). That is about 10% a year in gross yield at the seasonal rent peak (about 9% on June data); after vacancies, repairs, taxes and management costs the net yield is noticeably lower.
- The market rate exceeds the yield. At rates of 19.5–24%, rent does not cover the payment — such leverage worsens an investor's result.
- Subsidized programs are for your own home. "7-20-25" and Nauryz require the borrower to have no housing, so they do not fit buying a second apartment to rent out.
- Developer installment plans are a separate tool: terms are individual and tied to construction risk. Check how buyers are protected — a guarantee from the single operator, a commercial bank's participation or sales after the frame is built (Law "On Shared Participation in Housing Construction").
The buy-to-resell scenario is covered in our article on flipping, and tax on an early sale in "Tax on Selling an Apartment".
How to Get a Mortgage: Step by Step
- Check your eligibility: housing owned in the last 18 months or 5 years, the deposit and savings period at Otbasy Bank, waiting-list status for Otau.
- Get pre-approval — from a bank or Otbasy Bank. For Nauryz watch the application windows, for "7-20-25" the quarterly tranches.
- Choose a property that fits the terms: "7-20-25" — completed new builds only, Nauryz in Astana — primary housing, Umai allows resale built in 2016 or later.
- Check the developer and the property — the permit to raise buyers' funds, encumbrances via egov.kz; checklist in our legal due diligence guide.
- Sign the contract and register the title and the mortgage — the apartment stays pledged to the bank until the loan is repaid.
Common Borrower Mistakes
- Comparing nominal rates. The real cost of credit is the effective rate, which includes fees and insurance.
- Missing the application window. Nauryz limits and "7-20-25" tranches are capped and run out quickly.
- Borrowing in foreign currency with income in tenge. Exchange-rate risk can make the payment unaffordable.
- Not checking the developer. Verify developers in public registries and our Astana developers review.
Frequently Asked Questions
What is the mortgage rate in Astana in 2026?
Subsidized programs charge 7–9% ("7-20-25", Nauryz, Otau), Umai 14.8%. Market mortgages on resale housing cost 19.5–24% nominal in autumn 2026 (Krisha.kz review), and the mortgage effective-rate cap is 25% until the end of 2026. The weighted average rate on new mortgage loans in Q1 2026 was 10% thanks to subsidized programs.
Can I buy resale housing under "7-20-25"?
No. Under the 2026 terms "7-20-25" covers only new completed housing from developers; resale and buildings under construction do not qualify.
What is the mortgage effective-rate cap in 2026 and 2027?
Until January 1, 2027 — 25%. From January 1, 2027 — 20% if the down payment is at least 30% of the price (LTV up to 0.7) and 25% for smaller down payments. The National Bank and the ARDFM decided this on June 30, 2026; the cut to 20% from July 1, 2026 announced in the spring was not introduced.
Will "7-20-25" work in 2027?
The program continues: it has KZT 100bn for 2026, and the last tranche of the year, KZT 25bn, opened on October 1. As of October 7, 2026 the operator had received no notice from the National Bank of any change in terms (Krisha.kz). Check 2027 limits with the participating banks.
How much down payment do I need?
Usually from 20%. Under Nauryz the down payment is 10% for apartments with finishing, and under Nauryz Askeri from 0% to 50%.
Can a foreigner get a mortgage in Astana?
Subsidized state programs are designed for citizens of Kazakhstan, and market mortgages require confirmed income. In addition, a foreigner can register housing to an individual only with a residence permit.
Sources
- National Bank of Kazakhstan, 23.10.2026: base rate cut to 15.75% (in Russian) — nationalbank.kz
- National Bank of Kazakhstan, 01.07.2026: mortgage effective-rate cap 25% until January 1, 2027, then LTV-based (in Russian) — nationalbank.kz
- Kapital.kz, 01.07.2026: joint resolution of the ARDFM No. 101 and the National Bank No. 79 of 30.06.2026 (in Russian) — kapital.kz
- Bureau of National Statistics: inflation in Kazakhstan, October 2026 (in Russian) — stat.gov.kz
- Krisha.kz: mortgages in Kazakhstan — rates and terms of all banks, autumn 2026 (in Russian) — krisha.kz
- Tengrinews, 15.06.2026: mortgage market in Q1 2026, AFK data (in Russian) — tengrinews.kz
- Krisha.kz: "7-20-25" — the last tranche of 2026 (in Russian) — krisha.kz
- Krisha.kz: Nauryz mortgage terms in 2026 (in Russian) — krisha.kz
- Otbasy Bank, 14.10.2026: loans with partner developers without the wait; Nauryz approvals extended (in Russian) — hcsbk.kz
- Otbasy Bank: Otau program (in Russian) — hcsbk.kz
- Forbes Kazakhstan, 27.08.2026: Umai program launch (in Russian) — forbes.kz
- Krisha.kz: second Umai intake from November 3, 2026 (in Russian) — krisha.kz
- Ulysmedia, 03.02.2026: subsidized mortgages 2026 (in Russian) — ulysmedia.kz