Tashkent, Uzbekistan (UzDaily.com) -- The President of Uzbekistan signed decree “On measures to implement the Program for Providing the Population with Housing through Mortgage Loans Based on Market Principles for 2023”.

From 1 May 2023, the following procedure for allocating mortgage loans is established:

when issuing mortgage loans to persons who do not have official income, banks are allowed to use alternative methods for determining their solvency, including introducing a scoring system that takes into account the turnover of bank cards, rent payments, utility and other expenses of borrowers;

banks, based on the amount of the down payment paid by the borrower, the grace period and other indicators, are granted the right to set differentiated interest rates on mortgage loans provided without subsidies;

teachers and masters of industrial training of vocational educational organizations teaching special subjects or supervising educational practice in such areas as engineering, processing and construction are issued notices of grants on preferential terms;

the duration of the notice is 4 months;

applications for the allocation of subsidies are accepted from 1 May 2023 to 1 December 2023;

The Ministry of Economy and Finance has the right to unilaterally cancel erroneously highlighted notifications.

Also from 1 May 2023:

banks will have the right to gradually accept as collateral as credit collateral the completed parts of multi-apartment residential buildings under construction;

until 1 January 2025, a zero customs duty rate is applied on the import of certain building materials and raw materials.

In accordance with the approved targets, in 2023 it is planned to allocate 44.7 thousand mortgage loans for a total amount of over 10.7 trillion soums. 30,000 subsidies worth over 1.6 trillion soums will also be allocated.

Some 500 billion soums will be allocated to replenish the working capital of construction contractors, while banks will provide loans to construction contractors for up to 18 months at an interest rate equal to the main rate of the Central Bank.

Until 31 December 2024, the State Fund for Support of Entrepreneurial Activities provides guarantees and compensations to private contractors for a period not exceeding 24 months on loans in national currency allocated by banks for the construction of residential buildings with a number of floors in the city of Tashkent - 9 or more, in other cities - 7 or more, in rural areas - 5 or more.

Compensation is paid in the part of the loan not exceeding 5 billion soums for each apartment building, regardless of the amount of the loan;

- a guarantee is provided in an amount not exceeding 2.5 billion soums for each multi-apartment residential building, regardless of the loan amount;

- to provide guarantee and compensation, the number of apartments with an area of not more than 70 square meters. m. should be at least 70% of the total number of apartments in a residential building under construction.

In accordance with the target indicators, the number of newly built houses in 2023 in the New Uzbekistan blocks will be 305, the number of apartments will be 12.4 thousand.

Also in 2023, mortgage loans will be allocated for the purchase of 4,000 apartments for certain categories of citizens (military personnel).