PRESS OF UZBEKISTAN
March 18, 2017
UZBEKISTAN: HOUSING TURNS AFFORDABLE
It is planned to build 945 multi-apartment buildings in Uzbekistan in 2017-2020. A total of 191 houses will be built in 2017, including 102 in the city of Tashkent.
The measures are taken as part of further improvement of living standards and social support of the population, including young families and other categories in need of improving housing conditions.
“Those who have decided to purchase new housing, should apply to territorial commissions under municipalities. Once a positive resolution is issued, the applicant is assigned for one of the apartments in a multi-storey building. Then the purchaser has to make an initial contribution in the amount of 25% of the price of the apartment to one of the branches of Ipoteka Bank. The rest amount he will pay out of the loan,” said the head of the Housing Finance Department Shuhrat Toshpulatov.
The borrowers are provided with certain tax incentives. The funds for monthly mortgage payments are not taxed The funds received by an employee for the initial installment for the apartment are also released from tax. Most importantly, property tax on the apartment will not be charged until the loan is fully repaid.
“The loan is granted for a period of 20 years with a three-year grace period. Interest rate will be 7% in the first five years, and in subsequent years it will be built on the current refinancing rate of the Central Bank. We allocate loans in the amount of up to 75% of the total housing cost,” said the Head of the Ipoteka Bank Mortgage and Consumer Loans Department, Bobur Nurmuhamedov.
(Source: IA «Uzbekistan Today»)