Mortgage loan

“Asaka” bank (PC) gives a credit for accommodation acquisition on the following terms for the purposes of the following development of finance and moral supporting of young families, assistance in initial labour activity and coming into independent life, creation of effective motivation and mechanisms of stable incomes resources forming and their housing and personal conditions development:

1. Credits on accommodation acquisition (hereinafter refer as “Mortgage credits”) are provides to citizens of the Republic of Uzbekistan domiciliary by regional subsidiaries of “Asaka” bank (hereinafter refer as “Bank”).
2. Right for credit getting has potential Borrower (hereinafter refer as “Borrower”) who shall confirm to the following requirements:

а) have citizenship of the Republic of Uzbekistan;

b) age from 18 to 53 (women) to 59 (men). Total term of crediting is defined subject to repayment of a credit shall be made till attainment of retirement age – 54 years old (for women) and 60 years old (for men);

c) interest rate is established as 10% of annuals by means introduction in amount of 70 or more percentages of acquired accommodation cost.

d) record of service on the latest workplace not less than 6 months and total record of service shall be not less than 1 year;

e) there should not be any indebtedness to banks and other finance institutions;

f) there should not be any record in drug and psychoneurologic dispensaries;

Mortgage credit amount

Mortgage credit amount issued by “Asaka” bank (PC) at the own and attracted expenses are limited by the acquiring accommodation cost but not more than:

• for individual house acquisition – 3000-multiple amount of minimal salary defined by legislation (in exclusive order – for Tashkent city and Samarkand town – 5000-multiple amount of minimal salary defined by legislation, mentioned exclusion does not spread for credits issued to young families.)
• for flat in multifamily housing acquisition - 2500-multiple amount of minimal salary defined by legislation (in exclusive order – for Tashkent city and Samarkand town – 4000-multiple amount of minimal salary defined by legislation, mentioned exclusion does not spread for credits issued to young families.)

Interest rate for Mortgage credit usage

Interest rate for Mortgage credit usage is defined in amount 15 to 18 percents of annuals. Interest rate amount for Mortgage usage is defined subject to part of own borrower’s means introduced to deposit account:

a) by means introduction in amount to 30% sum of issued credit – interest rate is established in amount of 18% of annuals;

b) by means introduction in amount 30% to 40% sum of issued credit – interest rate is established in amount of 17% of annuals;

c) by means introduction in amount 40% to 50% sum of issued credit – interest rate is established in amount of 16% of annuals;

d) by means introduction in amount 50% or more sum of issued credit – interest rate is established in amount of 15% of annuals;

Terms of Mortgage crediting of young families

Interest rate for young families credit usage is establishes in amount of 14% of annuals by means introducing to the deposit account in amount not less than 25% of issued credit sum. Espouse at first time, age of each does not exceeds 30 years are referred to young families according to the legislation.

Three years grace period is establishes for the main debt discharging on Mortgage credits issued to young families, payments on credit discharging started from the following month after grace period termination.

Documents afforded for Mortgage credit getting:

Applicant shall provide to the Bank Subsidiary the following documents with application on credit getting with defining of askable credit shall be afforded for Mortgage credit on individual accommodation or flat in multifamily housing getting:

a) Prior Sales Contract of individual accommodation or flat in multifamily housing with defining of agreed cost of realizing individual accommodation or flat with document copy attachment confirming the owning right of Seller for accommodation or flat;

b) certificates on incomes and members of family and/or third person issued by regular workplace for the last 6 months (by the presence of regular workplace) or copy of declaration on applicant incomes and families members and/or third person for the last 6 months confirmed by the State Tax Inspection domiciliary. Notary certified agreement on credit discharge is presented to the bank in case of incomes certificate by third person presentation.

c) certificate from place of residence on family membership, passport (original for review) and applicant passport copy. (Passport copy is compared with original where is made the appropriate mark on copy, presence of stamps on marriage will be checked if the credit is registries for the member of young family).

d) documents confirming applicant capacity (proper registered certificates from drug and psychoneurologic dispensaries).

e) bank certificate on money arrangement on deposit account opened for the Applicant name (bank record by confirming account).

f) Notary certified copy of marriage certificate (while credit registration for the member of young family).