Regulatory Alerts2019-11-28 | ПФ-5886Added · Updated
Additional Measures for Improving Mortgage Credit Mechanisms
The President of the Republic of Uzbekistan establishes a new market-based system for providing mortgage credits to ensure housing, requiring commercial banks to offer loans with a maximum term of 20 years and a minimum initial payment of 15% of the apartment's value. The decree introduces specific subsidy mechanisms, including a fixed 32 million sum payment for down payments and interest coverage for the first five years, targeted at individuals in need of improved housing conditions. It mandates that multi-apartment construction projects in rural areas consist of at least 200 units and be selected via electronic online auctions, while city land plots are allocated through the E-AUKSION platform. The Ministry of Finance is tasked with developing a concept for these credits within two months, and a republican commission is formed to coordinate implementation and monitor compliance across government bodies.
More like this from CBU
We email you every new CBU publication the day it's published.