Kazakhstan's banks were banned to take fees for mortgage accounts
Such a ban has been introduced from July 16 2018.
As part of the optimization of the fee list and the cost reduction of borrowers when taking and servicing loans, on the initiative of the National Bank, a ban to set and take fees by the banks for the banking accounts connected with issuance and maintenance of mortgage loans, as well as for loan admission to the banking account in accordance with the mortgage agreements, which are concluded with individuals after enactment of the law's norm from July 16 2018, was introduced, BNews.kz reports with a reference to the press service.
"The same norm to ban fees for the banking account connected with issurance and maintenance of a loan, as well as for addmission of a loan to a bank account connected to all loans of the individuals who have not connection to entrepreneurship, can be found in the draft Law "On introduction of amendments and additions to some legilative acts of the Republic of Kazakhstan on intensifying the protection of property rights and arbitrage", which is being considered by the Majilis of the Parliament of the Republic of Kazakhstan," reads the report.
According to the press service, on May 30 2016 the National Bank passed a list of fees and other payments connected with issuance and maintenance of bank loans and microcredits given to the individual,and which are taken into account when calculating an annual effective interest rate (has been enacted since July 1 2016).
The list of fees will considerably reduce the number of fees taken by the banks and unify them in accordance with their names and meaning, which made them more comprehensible for borrowers.
The list of fees covers loan agreements signed from July 1 2016, that is, after teh date of its enactment.
"In addition, following the loan agreements signed with individuals until July 2016, the banks in accordance with Article 39 of the Law on Banks have the right to take fees set in the loan agreements and observed by the rules of common conditions for holding operations," they said in the National Bank.
"The list of fees and other payments connected with issurance and maintenance of bank loans and microcredits provided to the individual and taken into account when calculating an annual effective interest rate", which is approved by the order of the Board of the National Bank of the Republic of Kazakhstan No.134 of May 30 2016.