Tashkent, Uzbekistan (UzDaily.com) -- A government resolution "On the introduction of a simplified system for the allocation of mortgage loans for the construction and reconstruction of residential buildings of a new order" was adopted.

According to the resolution, as an experiment, when allocating mortgage loans to the population of JSCIB "Ipotekabank" and JSCB "Qishloq Qurilish Bank" in the city of Andijan, Kurgantepe and Shakhrikhan districts of Andijan region, the following is allowed:

- at the option of the client, the allocation of a mortgage loan for the construction of individual housing by a phased transfer to the borrower’s plastic card;

- establishment of a grace period of 6 months for the construction period;

- when calculating the creditworthiness of the borrower, information about income from the place of work for at least the last 3 months, wages and similar payments issued by the employer, pension payments, interest, dividends, permanent income from the lease of property accompanied by income declarations of individuals, which are approved by the body of the state tax service and funds received through the international money transfer system, as well as other income not prohibited by law;

- acceptance of works performed on the basis of the schedule for the implementation of the initial contract for the construction of housing, concluded between the bank and the borrower, as the intended use of the loan;

- acceptance of design and estimate documentation for the construction of individual housing, which are developed by the relevant design organizations, as well as the cost of the main types of building materials as a basis for a loan;

- acceptance of the borrower’s funds, available building materials, labor and completed construction and installation works as an initial payment of 10 percent of the financial estimate for the calculation of individual housing.