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Tengrinews.kz – Following the National Bank of Kazakhstan’s decision to raise the base interest rate to 18% on October 10, 2025, the country’s mortgage market is undergoing rapid changes. Banks have responded immediately: some have temporarily suspended new mortgage applications, others are revising terms, while several have paused standard programs altogether.
Bank responses
Halyk Bank temporarily halted applications for standard mortgages, citing preparations for alternative housing credit programs. The bank will announce when new applications can be submitted.
Altyn Bank paused applications only for its “Digital Mortgage” program due to changes in regulations for calculating the annual effective interest rate. Applications for other housing loans, consumer loans secured by property, auto loans, and unsecured consumer loans continue as usual.
ForteBank also temporarily suspended new mortgage loans to adjust interest rates. The bank emphasizes that programs are not closed, only paused to recalculate conditions. Existing applications are still being processed under current terms.
Bank CenterCredit continues issuing mortgages under state programs. Technical adjustments were made to comply with the new base rate and annual effective interest rate calculations. Loans may be declined if the debt-to-income ratio is high, but programs are not being closed.
Freedom Bank continues issuing mortgages, though rates are expected to rise in line with the base rate. State program “7-20-25” remains unaffected. Updated mortgage rates will soon be published on the bank’s website.
Otbası Bank operates a closed housing savings system, where funds deposited by clients are only used for housing loans. This structure protects it from market fluctuations.
Ermek Musrepov, President of the Kazakhstan Real Estate Federation, noted that the base rate hike was expected but remains a sensitive measure. Banks are pausing to adjust risks, recalculate rates, and revise product terms—a standard response to sharp interest rate changes.
Musrepov predicts a temporary tightening of mortgage supply, with potential rate increases of 2–3 percentage points and stricter borrower requirements, mainly affecting young families and budget-class homebuyers. Developers will also need to adapt, shifting from traditional mortgage-based sales to alternative financing options, installment plans, or joint programs with banks.
Impact on property prices
Musrepov expects some stabilization in real estate prices. Market activity has slowed in Q2 and Q3, and in overheated locations, a mild correction of 5–10% is possible. Nonetheless, fundamental demand persists due to urbanization, demographic trends, and the need to replace aging housing stock.
“This is not a crisis,” Musrepov concluded. “It’s a market restructuring period, transitioning to a more rational pricing model.”
