The government of Uzbekistan has approved a procedure for providing mortgage loans to specialists who have obtained academic degrees from prestigious foreign higher education institutions, as per a decision confirmed on April 9. This news was reported by the Telegram channel “Legal Information.” The loan is intended for purchasing housing on the primary real estate market within the country, with amounts up to 2150 times the base calculation value (BCV), a term of 10 years, and monthly repayment conditions. Provided by commercial banks at an annual interest rate of 14%, the loan aims to attract highly qualified personnel and address their housing needs.

The loan application process is conducted electronically through the YAIDXP (my.gov.uz) platform, offering convenience for specialists. Borrowers must register in the system and submit an application with attached required documents. Commercial banks assess the applicant’s creditworthiness within 3 working days and present a conclusion on the possible loan amount for housing purchase to the Ministry of Higher Education, Science, and Innovation. The loan amount must not exceed 80% of the value of the property being purchased.

This development complements previously established programs in education and mortgages. For instance, a procedure for preferential educational loans was earlier set for youth and pedagogical staff studying at foreign universities ranked highly in international ratings; such loans amount to up to $20,000 per year, with interest rates based on the Central Bank’s key rate. Additionally, teachers of the highest qualification category with 15 years of work experience receive a subsidy covering 25% of the initial mortgage payment, funded by up to 200 billion soums annually from the state budget. These measures are part of a broader policy to enhance human capital and living standards in the country.

Source: www.gazeta.uz