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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of January 3, 2007 No. 2

About approval of the Regulations on mortgage lending of housing construction, reconstruction and acquisition of housing

(The last edition from 20-12-2017)

According to the Law of the Republic of Uzbekistan "About mortgage" and the Presidential decree of the Republic of Uzbekistan of June 14, 2005 the No. UP-3618 "About Measures for Acceleration of Realization of the Priority Directions in the Sphere of Deepening of Market Reforms and Further Liberalization of Economy" Cabinet of Ministers decides:

1. Approve Regulations on mortgage lending of housing construction, reconstruction and acquisition of housing according to appendix.

2. To impose control over the implementation of this resolution on the Deputy prime minister of the Republic of Uzbekistan Azimov R. S. and the Chairman of the Central bank of the Republic of Uzbekistan Mullazhanov F. M.

Prime Minister of the Republic of Uzbekistan

Shavkat Mirziyoyev

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of January 3, 2007 No. 2

Regulations on mortgage lending of housing construction, reconstruction and acquisition of housing

I. General provisions

1. This Provision according to the Law of the Republic of Uzbekistan "About mortgage", the Presidential decree of the Republic of Uzbekistan of June 14, 2005 No. UP-3618 "About Measures for Acceleration of Realization of the Priority Directions in the Sphere of Deepening of Market Reforms and Further Liberalization of Economy" establishes procedure for issue of mortgage loan by commercial banks to the population for construction, reconstruction and acquisitions of housing.

Action of this Provision does not extend to mortgage lending of individual housing construction by Kishlok Kurilish Bank Joint stock bank according to the approved standard projects.

2. The procedure for mortgage lending of legal entities is established by domestic credit policy of commercial banks.

3. Mortgage loans are issued by commercial banks on the terms of recoverability, the paid nature, security and urgency on the following purposes:

construction and reconstruction of the individual apartment house with observance of the established regulations and rules of construction on the basis of the individual and standard project approved in the procedure established by the legislation;

acquisition of the individual apartment house or apartment in the apartment apartment house.

4. Mortgage loans are issued by commercial banks for the account:

credit lines, including preferential, grants and investments of the international and foreign financial institutions provided for mortgage lending;

own and raised funds.

5. Mortgage lending is performed under mortgage:

the built apartment house together with the parcel of land;

the individual apartment house or the apartment in the apartment house acquired at the expense of mortgage loan and which are carrying over the borrower in accordance with the established procedure;

the individual apartment house which is in property of the borrower and reconstructed at the expense of mortgage loan.

The real estate withdrawn from circulation and which is not subject to alienation cannot be subject of mortgage.

6. In case of issue of mortgage loan of the right of bank (mortgage holder) according to the obligation provided with mortgage can be certified by the mortgage.

The mortgage is constituted by the borrower (ipotekodatel) and drawn up by registering body after state registration of mortgage with the assistance of the borrower (ipotekodatel) and bank (mortgage holder) and issued to bank (mortgage holder).

7. The term of mortgage loan and interest rate for its use depending on source of credit resources are determined in the following procedure:

1) No. 151) voided according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 25.05.2011

2) on the loans granted at the expense of credit lines, including preferential, grants and investments of the international and foreign financial institutions attracted with directly commercial bank to mortgage lending the term and interest rate for use of the credit are established proceeding from conditions of the relevant agreements on provision of these means signed between commercial bank and the specified financial institutions;

3) on the loans granted at the expense of own or raised funds by commercial bank, the term and interest rate for use of the credit are established under the agreement between bank and the borrower according to domestic credit policy of bank, except for the acquisition loans of apartments in apartment houses for young families of the Union of youth of Uzbekistan granted for a period of 20 years with the interest rate equal to 50 percent refunding rate of the Central bank of the Republic of Uzbekistan.

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