Uzbekistan Introduces Preferential Mortgages for Young Scientists

Tashkent, Uzbekistan (UzDaily.com) — A resolution by the Government of Uzbekistan has approved the Regulation "On the procedure for providing mortgage loans to young specialists who have received an academic degree in foreign higher educational institutions included in the list of prestigious international ranking organizations for the purchase of housing."

According to the document, a mortgage loan of up to 2,150 times the base calculated value is provided for a term of up to 10 years with monthly repayments for the acquisition of housing on the primary real estate market in Uzbekistan. The loan is issued by commercial banks at an annual interest rate of 14%. Applications for the loan are submitted in electronic form through the Single Portal of Interactive State Services (my.gov.uz).

The mortgage loan is granted upon fulfillment of several conditions, including citizenship of the Republic of Uzbekistan, an applicant age of up to 35 years, possession of an academic degree obtained from a foreign university ranked in the top 100 of international rating organizations, and the recognition of the diploma in the established manner. To process the application, the applicant must provide a statement and a contract with a construction organization for the purchase of housing through the electronic system.

Within three working days, the commercial bank conducts an assessment of the applicant's solvency and sends a conclusion regarding the possible loan amount to the Ministry of Higher Education, Science, and Innovation. At the same time, the amount of the mortgage loan must not exceed 80% of the cost of the housing being purchased.