Mortgage

            Mortgage

Terms of the mortgage loan allocated by JSC"Alokabank" to individuals in accordance with the decree of the President of the Republic of Uzbekistan "On additional measures to improve mortgage loan mechanisms" No.UP-5886 November 28, 2019 for the purchase of apartments in apartment buildings, as well as for the construction of individual housing on land plots for individuals for the construction (reconstruction) of residential buildings in accordance with the procedure established by the law  

(These mortgage loans are granted after the allocation of credit resources by the Ministry of Finance of the Republic of Uzbekistan)

Basic terms of a mortgage loan

Maturity

Up to 20 years

Privileged period

Up to 6 months (optional)

Initial mortgage amount

When buying apartments from multi-apartment houses:

  • In cities and rural areas – at least 15 percent of the value of the purchased apartment. 

In the construction (reconstruction)of individual houses:

  • at least 15 percent of the cost of individual housing construction (reconstruction) works.

Annual interest rate

In cities - 18%

In rural areas - 17%

Provision

  • mortage of the apartment bought in multi-apartment house
  •  guarantee of other property and / or third parties in addition;
  •  when allocating a mortgage loan for the construction (reconstruction) of individual housing, a pledge of other liquid property is taken as a collateral (after the completion of the construction (reconstruction) of housing under construction (reconstruction) and cadastral documents are registered, the pledge property is exchanged when the pledge is submitted).
 

*When the refinancing rate of the Central Bank of the Republic of Uzbekistan is reduced, the loan interest rate is reduced proportionally, and when it is increased, it remains unchanged.

LIST OF REQUIRED DOCUMENTS:

a) Application;

b) the original passport of the Client (the guarantor who is a co-borrower, an individual), (A copy of the passport is taken by a Bank employee);

C) An agreement contract on the purchase and sale of an apartment or construction (reconstruction) of individual housing concluded with a contractor;

d) notification of subsidies (for people who have a positive rate on the allocation of subsidies);

e) a copy of the document(s) confirming the ownership of land plots allocated for the construction of housing (for people requesting a loan for the purpose of individual housing construction (reconstruction);

g) A document confirming the permission of the relevant organizations to carry out construction works for people requesting a loan for the construction (reconstruction) of individual housing in the Andijan, Namangan and Ferghana regions and in the city of Tashkent);

h) The documents related to the loan security

Information on the income of the borrower (joint borrowers, guarantor person who is an individual) is obtained from the State Tax Office (STC) database. The reference is provided by the borrower (joint borrowers, guarantor person who is a natural person) in cases where there is no possibility of obtaining the certificate from the STC database (in case of application for allocation of credit from citizens who do not pay income tax, are exempted from income tax, and in case of technical malfunctions in the STC database

POTENTIAL BORROWERS

(individuals) must comply with

THE FOLLOWING CRITERIAS:

-Residents of the Republic of Uzbekistan who have reached 18 (eighteen) years of age on the day of applying for a mortgage loan and whose age does not exceed 60 (sixty) years;

- Individuals who have a permanent place of work, permanent income from personal subsidiary or agricultural farms, or from individual business activities, as well as other sources of income that are not prohibited by the law, sufficient for monthly payment of accrued interest on a mortgage loan and repayment of the principal debt according to the payment schedule;

- Individuals whose debt load does not exceed 70 (seventy) percent (including subsidies, if subsidies are provided for repayment of interest costs on a mortgage loan);

- Individuals who have the opportunity to make an initial payment (including the amount of subsidies for individuals who are paid a subsidy)for the purchase of apartments sold on the primary market:

a) In rural areas – in the amount of at least 15 (fifteen) percent of the apartment price;

b) In cities-in the amount of at least 15 (fifteen) percent of the apartment price;

- Individuals who are able to make an initial payment of  at least 15 (fifteen) percent  of the cost of construction (reconstruction) of individual housing in Andijan, Namangan and Ferghana regions and in the city of Tashkent;

- Individuals who are able to form (pay) the remaining part of the cost of the purchased apartment, if its value exceeds the estimated cost of housing;

- Individuals who do not have overdue debt on loans previously received from credit institutions as of the date of consideration of the application for a mortgage loan.

If the debt load of the client and the co-borrower exceeds the established norm, guarantees of legal entities may be accepted to secure their debt obligations to the Bank and 50 (fifty) percent of the annual net profit of the legal entity may be added when calculating the debt load of the Client.

When calculating the debt load indicator, the arithmetic mean of the sum of the average monthly income of the Client and co-borrower received over the past 12 months is taken into account (in the case of work for less than 12 months – for the actual period worked).

Repayment of the loan and payment of interest on it are made in equal amounts on a monthly basis, that is, by annuity method of repayment under the mortgage loan agreement concluded between the Bank and the Borrower, as well as the repayment schedule.

Part of the interest expenses of borrowers who are entitled to receive subsidies for the repayment of the part of the interest expenses is transferred by the territorial branches of the Treasury to the borrower's account specified by the Bank before the 25th day of each month.

Area

The maximum norm of the apartment area (Sq.m) 

  The cost of 1 square meter of housing

Estimated cost of housing

Maximum mortgage loan amount

Minimum down payment amount

pernectage

Amount

pernectage

Amount

1

In rural areas 

70

4000

280 000

85%

238 000

15%

42 000

2

In cities

70

5200

364 000

85%

309 400

15%

54 600

3

In Tashkent

70

5700

399 000

85%

339 150

15%

59 850

 

 

 

 

 

 

 

 

 

 

 

It is not allowed to pay the amount of the cost of the purchased apartment that exceeds the estimated cost of housing at the expense of loans allocated by banks.If the cost of the purchased apartment exceeds the estimated cost of housing, the remaining cost is paid by the Client at the expense of their own funds and other sources not prohibited by law

 

 

 

 

29-06-2020

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