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Uzbekistan suspends refinancing of mortgage loans for purchase of secondary housing

Uzbekistan Materials 31 January 2022 17:40 (UTC +04:00)
Uzbekistan suspends refinancing of mortgage loans for purchase of secondary housing

BAKU, Azerbaijan, Jan. 31

By Natavan Rzayeva - Trend:

Uzbekistan has temporarily suspended the refinancing of mortgage loans for the purchase of housing from the secondary market, Trend reports via the Uzbek media outlets.

In 2021, a special Mortgage Refinancing company was established in Uzbekistan for these purposes. It received a $150 million loan from the Asian Development Bank to refinance a portfolio of eligible mortgage loans issued by commercial banks, with the gradual disbursement of these resources planned until the end of the first quarter of 2023.

However, due to the high demand of the population for mortgage loans for the purchase of housing from the secondary market, the provided resources will be used in the first quarter of 2022.

To date, the company, together with the Uzbek Ministry of Finance and other institutions, including international ones, is actively working to attract additional resources to refinance eligible mortgage loans.

Until sources of funding are identified, the company is temporarily suspending refinancing of eligible mortgage loans issued for the purchase of housing from the secondary market.

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Follow the author on Twitter: @NatavanRzayeva5

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