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Uzbekistan establishes procedures for issuing long-term mortgage loans to judges

Business Materials 6 November 2012 22:00
Uzbek Cabinet of Ministers approved regulations for issuing long-term mortgage loans to judges for house purchase at a discount and payment of monthly compensations to them for lease of housing premises.

Uzbekistan, Tashkent, Nov. 6 /Trend D.Azizov /

Uzbek Cabinet of Ministers approved regulations for issuing long-term mortgage loans to judges for house purchase at a discount and payment of monthly compensations to them for lease of housing premises.

The document was adopted in accordance with the presidential decree "On measures to radically improve the social protection of the judiciary", adopted in August this year.

Previously Trend reported that the decree approved higher level of wages and the amount of the monthly premiums to salaries of the Constitutional Court judges, courts of general jurisdiction (except military courts) and commercial courts. Starting August 1 this year, the judges are exempt from income tax in terms of revenue received by them in the performance of duties.

The President also instructed the government to approve the issuance order of long-term mortgage loans to the judges for house purchase on favorable terms, and the payment of monthly compensation for lease of housing premises.

In accordance with the regulations developed by the government, the loans are granted for a period not less than 10 years. The size of the mortgage should not exceed the minimum wage (MW) by 2000 times and account for 75 percent of the cost of purchased housing.

Currently, minimum wage in Uzbekistan amounts to 72.355 thousand sums.

At the time of loan issuance a judge should have the amount of not less than 25 percent of the cost of purchased housing in a savings deposit account opened in the bank in his name. These resources can be made at the expense of the judges from the development fund of courts and justice agencies.

Loan is interest-free and repayable on the basis of a collateral or guarantee.

According to the statute, a judge may pay off the loan, and the mortgage by bank transfer and other similar payments, pensions, royalties, dividends, interest and other income, including those from the securities and funds from deposit accounts in commercial banks, or payment of cash.

Under regulation, the monthly cash compensation is paid to judges who work in regions outside the place of residence and are not provided with housing premises. The amount of compensation will equal to four minimum wages in Tashkent, three = in the regional centers, and two - in other cities and towns of the country.

The compensation is increased by 50 percent for judges with 3 or more family members. The compensation is not provided for judges who live in dwellings owned by their parents, or parents of their spouse/wife.

The expence linked with the payment of cash compensation will be paid through the state budget and the Development Fund of courts and justice agencies.

The official exchange rate on November 6 is 1960.00 sum / $ 1.

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