State regulation of the mortgage market in Kazakhstan: issues of mortgage loan refinancing

Abstract

The main task of each state is to provide citizens with affordable housing. Mortgage
lending is an important tool in financing the housing market. Mortgage lending is characterized
by long loan terms. This approach is beneficial for the borrower, who can pay off the debt evenly
with a low burden on the personal budget, but for the lender, it causes the need to refinance the
loan. Refinancing is an integral part of mortgage lending. The main objective of refinancing is to
reduce the liquidity risk that the lender is exposed to when financial resources are needed, while
they are inactive operations. The main feature of the essence of refinancing is highlighted in the
definitions of various authors - the termination of old obligations and the emergence of new ones.
The methodological basis of the study is the work of foreign scientists who present different
approaches to making a decision on refinancing. The practical significance of the presented work
lies in the fact that the author analyzes the state regulation of the mortgage market and assesses
the implementation of the program of refinancing of mortgage housing loans/mortgage loans,
approved/ by the resolution of the Board of the National Bank of the Republic of Kazakhstan.