Term of subsidies for purchase of housing extended

The Cabinet of Ministers adopted a resolution “On amendments and additions to some decisions of the Republic of Uzbekistan (Decree of the President of the Republic of Uzbekistan PF-6186 “On additional measures to provide housing through the allocation of mortgage loans based on market principles” dated March 11, 2021).

First, Amendments to paragraphs 4 and 5 of the Regulation on the procedure for purchase (construction) of housing for servicemen of the Armed Forces of the Republic of Uzbekistan, long-term preferential mortgage loans and land allocation for individual housing (approved by resolution No. 619 of the Cabinet of Ministers of 11.08.2017) have been amended:

Paragraph 4: When obtaining a mortgage loan by servicemen for the purchase (construction) of housing, the down payment in the amount of 25% of the calculated value of housing is included by the relevant agencies in the State budget and off-budgetary funds of relevant agencies. In this case, if the contract value of the purchased housing is less than the calculated value of the house, the down payment is allocated in the amount of 25% of the value specified in the contract.

Paragraph 5: The amount of the down payment should not exceed 25% of the calculated value of the house being purchased (built). The amount of the down payment for the purchased (under construction) housing is determined based on the results of the state examination of the design and estimate documentation in the prescribed manner. In this case, the cost of purchased (under construction) housing should not exceed the calculated value of housing on the date of repayment of the down payment on the mortgage loan, except as otherwise provided by law (previously – the cost of purchased (under construction) housing did not exceed 2,000 BCAs).

Second, the name of resolution No. 182 of 25.03.2020 has been amended. The new edition is as follows: “On approval of the Regulation on the procedure for payment of subsidies to citizens for the purchase of housing or the construction and reconstruction of individual housing”.

The deadline for submission of subsidies for applications submitted before December 31, 2020 will be extended until December 1, 2021 (previously – until July 1, 2021).

Also, amendments and additions were made to the Regulation on the procedure for allocating mortgage loans at the expense of funds placed by the Ministry of Finance (approved by resolution No. 56 of 05.02.2021).