Tashkent, Uzbekistan (UzDaily.com) -- On 21 September 2020, the Cabinet of Ministers of the Republic of Uzbekistan adopted a resolution "On the introduction of a simplified system of mortgage lending for the construction and reconstruction of individual housing".

As a pilot project, Ipoteka Bank and Qishloq Qurilish Bank will provide mortgage loans to residents of Andijan, Kurgantepa and Shakhrikhan districts of Andijan region at the client’s choice. In the simplified construction (reconstruction) system, it is possible to place funds by gradually transferring money to the borrower’s bank card.

In this case, the client submits the following documents to the commercial bank branch:

1. Housing project.

2. Copy of your passport.

3. Monthly income (for the last three months)

The bank provides a mortgage loan on the following conditions

- Loan term 20 years;

- The loan amount is 320 million soums;

- Grace period-6 months;

- Initial payment 10%;

- Interest rate amount - 17%

The advantages of this resolution are that it will improve living conditions, first of all, for residents of the city of Andijan, Kurgantepa and Shakhrikhan districts of Andijan region. At the same time, household spending on housing construction will be relatively cheap compared to houses built by construction companies, the population will be provided with additional work, which will lead to an increase in production volumes and improve service.