BAKU, Azerbaijan, May 2
By Ilkin Seyfaddini – Trend:
The Government of Uzbekistan actively supports the country's construction sector, Trend reports citing Uzbek media.
The President of Uzbekistan signed a decree on additional measures to improve the housing conditions of the population and further expand the mortgage lending market on May 1, 2020.
According to the decree, from May 1, 2020 to January 1, 2022, it is allowed to allocate mortgage loans for the purchase of housing on the primary market without conditions for turnkey delivery and finishing works. For today there are 68 such objects.
It is expected that these measures will expand the range of mortgage recipients, the message said
The maximum amount of mortgage loans is increased: for two-room apartments - from $17,772 to $23,696 in cities and from $19,549 to $26,065 - in Tashkent, the capital city; for apartments with three or more rooms - from $22,906 to $31,594 and from $25,177 to $34,754, respectively.
It is expected that the proposed loan will increase the interest of potential buyers, the message said.
The term of mortgage loans is extended from 15 to 20 years, including for those that were issued earlier.
From May 1 through December 31, 2020, the State Fund for business support issues guarantees to private contractors for up to 50 percent of the loan amount of no more than 8 billion soum ($789,867) for the construction of four-story and higher apartment buildings in cities and rural areas, as well as seven-story and higher apartment buildings in Tashkent.
From May 1, compensation is paid to cover part of the interest rate exceeding The Central Bank's main rate, but no more than 10 percent on loans of no more than 20 billion soum ($1.9 million) and with an interest rate not exceeding the Central Bank's main rate by 1.75 times.
It is expected that this will allow contractors to get more affordable loans, which will positively affect the prices of apartment buildings, the message said.
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