In June 2013 Kompanion Financial Group launched a financial product aimed to improve access to housing finance options for low and middle class families in Kyrgyzstan. So far, a handful of clients have received loan disbursements across the country, with many more on the way.
The objective of the housing finance program is to improve access to mortgage loans, home construction loans and home improvement loans for families in low and middle income brackets. And although the product is still in its infancy, Kompanion’s first borrowers are already using the money to improve their housing situations.
Take Dilde Obozova, Kompanion’s first housing loan client, and loyal Kompanion microloan client of nine years. She recently used her housing loan along with the profits she gained from selling her apartment to buy a house in Tokmok. She sees the purchase as an investment in her family’s comfort and well being.
Dilde would not have been able to buy her house with just the profits she received when she sold her apartment--the Kompanion housing loan made the purchase of her house possible.
“This loan will change my life and my family’s life. Having a house with a garden is very convenient for Kyrgyz people because there are always a lot of people over for visits. And the backyard is great for my grandchildren who love to run outside,” Dilde said, when asked about what changes the housing loan would bring to her family’s life.
Dilde first learned about Kompanion’s new housing loans from a Kompanion loan officer at her local branch. And since she wanted to move from her apartment in Tokmok to a house with amenities like heating and gas she decided to apply for the new housing loan.
Though she did some shopping around, Dilde was ultimately drawn to Kompanion’s housing product because Kompanion offered her the most affordable loan package and low interest rates. Kompanion’s housing loans are provided in Kyrgyz som, the local currency, which is very convenient.Furthermore, Kompanion specifically targets housing loan clients living in rural areas, who have few financing options.
For Dilde, choosing Kompanion’s new housing loan product was an easy decision.
When she was looking for a house she was only considering those with facilities like gas and heating--to make life easier for her and her family. Dilde views the house not only as an investment in her health and well being in the future, but she sees the house as a legacy to pass on to her children and grandchildren. She plans to give the house to her son once he is married, so he will have a comfortable place to raise his family.
“I want to thank Kompanion for giving people in Kyrgyzstan the opportunity for financial freedom. I hope everything will go smoothly with my new housing loan,” she said.
Kompanion wishes Dilde and her family the best of luck with their new house, and we want to thank her for sharing her thoughts about Kompanion’s housing loan with our readers!
