Mortgage Refinancing in Kazakhstan 2026: When It Pays Off and Terms
In 2026 the National Bank started lowering its base rate, and many people began thinking about refinancing mortgages taken at 20% or more. Here is when it makes sense, what options exist, and how to calculate whether you would actually save.
Up to date as of October 2026. Rules change, so check the regulator's website before taking action.
Banks and borrowers' rights are overseen by ARDFM (finreg.kz), and the base rate is set by the National Bank (nationalbank.kz). The two jointly approve the maximum mortgage rates.
What changed in 2026
- The base rate is going down. On September 4, 2026, the National Bank cut it to 16.25%, and on October 23 cut it again, to 15.75%. Check the current value at nationalbank.kz. For what it means, see our glossary: base rate.
- The mortgage rate cap is 25% APR (annual effective rate) until January 1, 2027.
- From 2027, the cap will depend on the down payment: up to 20% with an LTV up to 0.7 (that is, a down payment of 30% or more) and up to 25% with an LTV above 0.7. This is set by a joint ARDFM and National Bank resolution of June 30, 2026.
- Early repayment with no penalties. Since August 31, 2025, individuals can repay loans early with no penalties or fees, including mortgages and older contracts.
- The mortgage interest deduction is gone for 2026 income.
Your options
| Option | Rate | What you need |
|---|---|---|
| Commercial bank | Lowest mortgage rates at the end of May 2026: from 20% (Nurbank) to 22.3% (Altyn Bank); Halyk and BCC from 20.5% | Income, a good credit history, a collateral appraisal |
| Otbasy Bank: housing loan | 3.5–5% (APR 3.6–6.9%), up to 100 million ₸, up to 25 years | A deposit at Otbasy and the required amount saved |
| Otbasy Bank: bridge loan | 8.5% (APR 9–9.6%), up to 200 million ₸ | Save 50% of the loan amount |
| Early repayment with your own money | No new rate | Spare money that doesn't eat into your emergency fund |
Refinancing rates change often, so check them on the bank's website. For details on saving with Otbasy, see the Otbasy Bank deposit.
How to tell if it pays off
Compare the total amount you'll overpay through the end of the term, not just the rate. Example: 20 million tenge left on the loan, 10 years to go. Use the mortgage calculator to find the payment at your current rate and at the new one, multiply by the number of months, and add the cost of switching: the apartment appraisal, insurance, and re-registering the collateral. If the difference is small or only a year or two is left on the loan, switching often doesn't pay off.
- The new APR should be noticeably lower than your current one.
- If you have spare money, compare refinancing with partial early repayment — there's no penalty for it.
How to refinance: step by step
- Check your credit history. Late payments sharply lower your chances — to check it for free, see how to check your credit history.
- Check your debt load. Your total loan payments can't exceed 50% of your income.
- Get from your current bank a statement of the remaining balance and the payment schedule.
- Apply to the new bank and have the apartment appraised by an appraiser the bank accepts.
- Once approved, the new bank pays off the old loan and the collateral is re-registered to it.
- Make sure the old loan shows as closed in your credit history.
Other money you can use to pay it down
You can partially pay off a mortgage with pension savings above the sufficiency threshold — see how it works in pension savings for housing. And after turning 18, recipients of the National Fund for Children program can use their savings to pay off or refinance a mortgage — see how to get the National Fund money.
Risks to watch for
- "Mortgage brokers" promising approval for an upfront fee. Only the bank makes the decision, and no middleman can promise it in advance. Don't pay for "approval" up front.
- Calls from the "bank" about your EDS or a "safe account." Because of this scheme, in 2026 one person took out a "mirror" loan and lost 4 million tenge. Bank and eGov staff never ask you to transfer money.
- Missing a payment during the switch. Until the old loan is closed, keep paying on schedule — otherwise you'll get a late payment on record.
- A longer term "for a smaller payment." Your total overpayment over the full term may grow.
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- The mortgage rate cap is 25% APR until 2027, then 20% with a down payment of 30% or more.
- Early repayment with no penalties for individuals since August 31, 2025.
- Calculate the total overpayment including switching costs, not just the rate.
- Otbasy Bank refinances other banks' mortgages once you've saved up on a deposit.
Frequently asked questions
When does mortgage refinancing pay off?
When the new full rate (APR) is noticeably lower than your current one, the balance is still large, and several years are left on the loan. Compare the total overpayment, including the appraisal, insurance, and re-registering the collateral, not just the rate.
Is there a penalty for paying off a mortgage early?
Not for individuals. Since August 31, 2025, banks can't charge penalties or fees for early repayment, including on previously signed contracts. The bank may ask you to submit a request in advance.
Can I refinance my mortgage with Otbasy Bank?
Yes, a mortgage from another bank can be refinanced through Otbasy Bank. To do this, you open a deposit and save up the required amount; for a bridge loan, that's 50% of the loan amount. Check the terms with the bank.
Can I pay off a mortgage with National Fund for Children money?
Yes, after turning 18 the recipient can use their targeted savings to pay off or refinance a mortgage on housing in Kazakhstan through Otbasy Bank.
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