️ The government of Uzbekistan has announced plans to introduce a new targeted mortgage savings mechanism aimed at accelerating housing provision for the population. This initiative is being implemented under measures outlined in a presidential decree dated February 24.

️ The pilot project is scheduled to run from July 1 to December 31, 2026. According to the document, citizens who receive notification of mortgage subsidy eligibility will be able to open special savings mortgage deposits in commercial banks. The deposit amount must not be less than the initial down payment for a mortgage loan.

️ Funds in such deposits will not be held for more than 12 months. Subsidies allocated from the state budget to cover part of the initial down payment are contributed as an advance payment. Banks will calculate interest on the remaining funds at market rates, and the accumulated funds along with accrued interest will be directed toward forming the initial down payment for a mortgage loan.

️ If a citizen does not purchase housing during the deposit term, the bank will return the accumulated funds and interest in appropriate proportions to the citizen and the state budget. Additionally, the document envisions subsidizing part of the interest rate on mortgage loans: for the first five years after obtaining a loan, the portion of interest payments exceeding the Central Bank of Uzbekistan's base rate will be covered by the state.

️ Assessment of citizens' compliance with social criteria for receiving subsidies will be carried out automatically without human intervention through the subsidiya.idm.uz system of the Ministry of Economy and Finance. This development is seen as part of a broader policy to boost housing construction and develop the mortgage market.

Source: www.gazeta.uz