Why is this important
This decision can expand access for many families to mortgage financial instruments and reduce barriers for those without official income certificates. This can also contribute to the development of the housing market and increase employment levels.
What happened
- The mortgage refinancing company has begun offering refinancing of mortgages for individuals with unofficial income.
- Credit can be obtained for buying a house or apartment, or for repairs.
- Loan limits: up to 800 million soums in Tashkent, up to 500 million soums in the regions. The loan term is up to ten years.
- The limit for apartment repairs is 170 million soums for a period of up to ten years.
- The borrower must pay the loan monthly, there is no grace period.
Context
The mortgage refinancing company operates based on a Presidential Decree and has been operating for several years, providing resources to banks for housing lending. One of the goals is to expand access to banking services for the population, especially those who cannot document their income.
