From 1 November, it is allowed to allocate mortgage loans, as well as a subsidy for housing in a “box” condition

Tashkent, Uzbekistan (UzDaily.com) -- A press conference was held in Tashkent on the rights and obligations of buyers when purchasing housing built by private entrepreneurs, with the participation of officials from the Ministry of Construction.

It was stated that the cost of private housing under construction is determined only by the market, the Ministry cannot control it.

According to the relevant resolution of the President of the Republic of Uzbekistan, from 1 January 2023, wages and other incomes of citizens who received a subsidy for the purchase of housing, directed to repay loans and interest accrued on them, are not subject to income tax.

The benefit specified by this resolution applies to borrowers and co-borrowers in terms of income not exceeding eighty times the minimum wage during one tax period.

From 2023, when selling property acquired with a mortgage loan within 36 months, income allocated for loans and interest repayments is subject to taxation in accordance with the established procedure.

Starting from 1 November 2022, it is allowed to issue mortgage loans for the purchase of apartments in the primary housing market in houses built by private contractors, without the condition of delivery on a turnkey basis (divided into rooms and prepared for finishing work), as well as the payment of subsidies for compensating part down payment and part of the interest on the mortgage loan.

According to the resolution, the period of validity of notifications on the allocation of subsidies provided within the target parameters for the allocation of mortgage loans in 2021 in accordance with the new procedure has been extended until 31 December 2022.