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Finance 06/11/2012 Uzbekistan sets new rules on issuing long-term mortgage loans to judges
Uzbekistan sets new rules on issuing long-term mortgage loans to judges
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan set an order on issuing long-term mortgage loan to purchase habitation of preferential conditions to judges and payment of monthly compensations for rent of habitation.

The Government of Uzbekistan adopted a resolution “On approved of regulation on order of issuing long-term mortgage loan to purchase habitation of preferential conditions to judges and payment of monthly compensations for rent of habitation”.

The resolution approves a regulation on order of issuing long-term mortgage loan to purchase habitation of preferential conditions to judges of Constitutional Court and Courts of general jurisdiction and Economic Court, except Military Courts.

In line with the regulation, the loan will be issued at least for 10 years. The size of mortgage loans cannot exceed 2,000 size of minimal salary, set in Uzbekistan. At the same time, the loan cannot exceed 75% of purchased house or flat.

The judge should also have saving account in one of commercial banks and the sum should be equal to 25% of the house or flat price. Fund For Development of Courts and Justice Bodies can also pay 25% of the sum.

The loan is issued without interest rate and should be repaid. The loan is issued under pledge or guarantee. The loan cannot be issued to the term less than mortgage loan. The loan is repaid due to salary, pension, royalties, dividends, interests and other income.

The regulation said that judges can receive monthly money compensation for renting houses or flats. The sum of compensation makes up 4 sizes of minimal salary for rented house in Tashkent city, 3 sizes of minimal salary for rented habitation in Nukus and regional centers, as well as 2 sizes of minimal salary for rented house in other cities or district centers in Uzbekistan.

The sum can increase by 50% if the family has over three or more members. The compensation cannot be paid if judges and their families live in houses of their relatives.

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