Tashkent, Uzbekistan (UzDaily.com) -- On 6 October, the Committee on Budget and Economic Reforms of the Legislative Chamber of the Oliy Majlis preliminary considered a draft law "On amendments and additions to certain legislative acts of the Republic of Uzbekistan in connection with the expansion and development of the mortgage market lending” within the framework of the program for the development of the mortgage sector in the Republic of Uzbekistan”.

It was noted that the draft law proposes to amend the Law of the Republic of Uzbekistan “On Mortgage” in order to issue a mortgage online or in person through public service centers or to perform other actions with a mortgage.

The introduction of the concept of an electronic mortgage will significantly simplify the process of issuing a mortgage, its transfer and, accordingly, the refinancing process as a whole.

It will also allow the parties to receive objective and accurate information about the existing encumbrances on property. At the same time, legal requirements that impede effective refinancing are removed.

The introduction of these changes in the legislation will serve to satisfy the needs of the population in mortgage loans, increase their well-being, fill the capital market with a new instrument and its further development.

Based on the results of discussions, the committee adopted a decision on the results of the preliminary consideration of the draft law.