Uzbekistan changes conditions for issuing mortgage loans to buy housing
Baku, Azerbaijan, July 19
New conditions have been introduced in Uzbekistan for provision of mortgage loans for the purchase of housing in rural areas and affordable apartments in the cities, Uzbek media reported.
From now on, mortgage loans, starting from July 1, 2018 until January 1, 2020 will be provided for a period of 20 years with a three-year grace period and an interest rate of 7 percent per annum during the first five years and at the refinancing rate of the Central Bank of Uzbekistan in the subsequent period.
Young families, residents of dilapidated apartment buildings and other categories of citizens in need of better housing conditions will be able to get mortgage on such terms. They will have to make an average down payment of 15 percent with the introduction of a differentiated amount of the down payment into practice.
Besides, developers of affordable houses will be able to get mortgage on the updated model projects in rural areas.
At the same time, the down payment for them will be 10 percent for two-, three-, four-, five-story multi-apartment (two- and three-room) and one-storey two and three-room accessible dwelling houses located on land plots with an area of 0.02 hectares; 25 percent for two-story four-room semi-detached accessible houses on land plots with an area of 0.04 hectares and single-storey three-, four- and five-room accessible dwelling houses on land plots with an area of 0.06 hectares.