Subsidy funds are used as an initial payment.
Efforts to resolve the housing issue and improve living conditions for the population continue in the Republic of Uzbekistan. Zamin.uz reported on this matter.
Based on a new decree by our President, the system of targeted mortgage deposits will be launched on a trial basis starting July 1, 2024. This novelty represents a significant relief, especially for citizens who have been allocated state subsidy funds.
The main goal is to simplify the down payment process for buyers and expand their financial capabilities. According to the newly adopted regulations, individuals eligible for subsidies will be able to open special accounts at banks.
The amount of the subsidy allocated from the state budget will be transferred to this account as initial capital. Banks, in turn, will calculate income on the funds in these accounts based on interest rates prevailing in market conditions.
This will enable citizens to grow their own funds and accumulate the necessary money for purchasing housing much faster. The term of this savings scheme is set at twelve months; if a housing purchase contract is not concluded within this period, the funds will be returned.
In such a case, while the citizen's personal savings are returned to them, the state subsidy and the interest accrued on it will be transferred back to the budget. The detailed regulations and all rules of this experiment are scheduled to be approved by June 1, 2024.
It is important to note that payments for interest rate subsidies will begin only after the mortgage loan has actually been issued. This serves to ensure the effective and rational use of funds.
