Mortgage on a new build or resale flat: overpayment over 15 years

The average mortgage rate on new builds at Kyrgyz banks in September 2026 is 15.5%, on resale housing 16.9%. The difference looks small, but over 15 years it turns into hundreds of thousands of som. Let us calculate for a flat costing 4.5 million som with a 20% down payment.

New build: 15.5% for 15 years

Loan 3.6 million som, rate 15.5%, term 180 months. Monthly payment about 51,900 som, total repaid 9.34 million som, overpayment 5.74 million som. Bakai Bank and Optima Bank offer these terms on buildings by accredited developers, and with life insurance from a partner insurer the rate drops another 0.5 points.

The downside of a new build is time: if the building is delivered in 18 months, you pay the mortgage and rent at the same time. At 25,000 som rent that is another 450,000 som.

Resale: 16.9% for 15 years

The same loan at 16.9%: payment about 55,300 som, total repaid 9.95 million som, overpayment 6.35 million som. The difference from a new build is 610,000 som over the term, or 3,400 som a month. But you move in immediately, and the flat can be appraised and its history checked in the Cadastre.

What else to consider

• Renovation: an unfinished new build needs 8,000–12,000 som per m², i.e. from 500,000 som for a two-bedroom flat.
• Insurance: banks require collateral insurance, for a new build only after delivery.
• Early repayment: free of charge in both cases under Kyrgyz law, but check whether the payment or the term is reduced.
• The SMC state mortgage at 8% covers both new builds and resale flats under 30 years old — the best option if you qualify.

Conclusion

If you have somewhere to live and the developer is reliable, a new build is 600–700 thousand som cheaper over 15 years even including renovation. If you pay rent, the advantage disappears. Run both scenarios in the FinMarketKG mortgage calculator, which already includes current bank and SMC rates.