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 allocated in Andijan, Namangan and Ferghana regions and in the city of Tashkent for individuals for the construction (reconstruction) of residential buildings in accordance with the procedure established by law until may 1, 2020.

(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

Maturtity

up to 20 years

Exemption period

 no

The amount of the initial payment

In case of buying an apartment in an apartment building

•  In rural areas - at least 10 percent;

• In cities – at least 20 percent of the cost of the purchased apartment.

For the construction (reconstruction) of individual housing in Andijan, Namangan and Ferghana regions and in the city of Tashkent :

• in the amount of at least 10 percent of the cost of construction (reconstruction) of individual housing.

 Annual interest rate *

It is established on the basis of a loan agreement concluded between the Bank and the Client in accordance with the market principles.

* Tashkent-21%

* Other cities – 20%

* Rural areas – 19%

   credit security

• залог квартиры , приобретаемую в многоквартирном доме;
• дополнительный залог - иное имущество и/или поручительство третьих лиц;
• при выделении ипотечного кредита на строительство (реконструкцию) индивидуального жилья в Андижанской, Наманганской и Ферганской областях и в городе Ташкент , в качестве обеспечения принимается залог  иное ликвидное имущество (при предоставлении строящегося (реконструируемого) жилья под залог, иное залоговое имущество может быть заменено).

*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 residential buildings (for people requesting a loan for the construction/reconstruction of individual housing in Andijan, Namangan and Ferghana regions and in the city of Tashkent);е) проектно-сметная документация и заключение экспертизы сметной части по проекту строительных работ (реконструкции) индивидуального жилья (для лиц, запрашивающих кредит на строительство (реконструкцию) индивидуального жилья в Андижанской, Наманганской и Ферганской областях и в городе Ташкент);

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 about the borrower's income (co-borrower, individual guarantor) is requested from the information database of the State Tax Committee (STC). If there is no possibility to obtain information on income from information database of the STC (if an application is received from a client that does not pay income tax or has an exemption to pay income tax or if you encounter technical problems in the information database of the STC and the internal system of the Bank) information about the income is provided by the borrower (the co-borrower is an individual)

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 50 (fifty) 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 10 (ten) percent of the apartment price;

b) In cities-in the amount of at least 20 (twenty) percent of the apartment price;

- Individuals who are able to make an initial payment of at least 10 (ten) 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.

Region

Estimated cost of housing

The maximum amount of a mortgage loan

Minimum amount of the initial payment

1.

For a 2-room apartment

1.1.

In rural areas

266 667

240 000

26 667

1.2.

In cities

300 000

240 000

60 000

1.3.

In Tashkent

330 000

264 000

66 000

2.

For a 3-room apartment

2.1.

In rural areas

355 556

320 000

35 556

2.2.

In cities

400 000

320 000

80 000

2.3.

In Tashkent

440 000

352 000

88 000

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

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.

29-06-2020

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