It is registered
Ministry of Justice
Republic of Uzbekistan
of July 18, 2007 No. 1697
of June 9, 2007 No. 17/2
About approval of the Regulations on procedure for issue of the credits by commercial banks on preferential basis to young families
Based on the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" and "About banks and banking activity", and also the Presidential decree of the Republic of Uzbekistan of May 18, 2007 the No. UP-3878 "About Additional Measures for Material and Moral Support of Young Families" Board of the Central Bank decides:
1. Approve Regulations on procedure for issue of the credits by commercial banks on preferential basis to young families according to appendix.
Chairman of the Central bank
Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of June 9, 2007 No. 17/2 (No. 655)
This Provision according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity", "About microfinancing", "About mortgage", "About consumer loan", and also the Presidential decree of the Republic of Uzbekistan of May 18, 2007 No. UP-3878 "About Additional Measures for Material and Moral Support of Young Families" establishes procedure for issue by commercial banks on preferential basis of the microcredits, mortgage and financial consumer loan to young families.
1. For the purpose of this provision the following concepts are applied:
the young family - family in which the age of both spouses does not exceed thirty years inclusive or family in which children (child) are raised by one parent aged is not more senior than thirty years inclusive, including divorced (divorced), the widower (widow);
grace period - the period during which delay on repayment of principal debt on the credit is granted;
the microcredit - the money provided to young families on implementation of business activity in the amount of, not exceeding the thousandfold size of basic settlement size;
mortgage loan - the credit to young families on construction, reconstruction and acquisition of housing on the security of the acquired real estate.
1-1. This Provision does not extend to the relations on issue of mortgage loans on acquisition of apartments in the houses of "The union of youth of Uzbekistan" established by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 8, 2014 No. 250 "About measures for further support in provision of housing for the young families which are actively participating in public life of the country.
2. The credits are issued by commercial banks on the terms of recoverability, the paid nature, security, target use and urgency.
3. The credits are issued to young families at the expense of own means of commercial banks on the following preferential terms:
on the microcredits for the organization of family entrepreneurship the interest rate is established in the amount of, not exceeding effective rate of Central Bank refinancing;
on mortgage loans for young families the three-year grace period with interest rate in the amount of, not exceeding effective rate of Central Bank refinancing is established;
on financial consumer loans for young families the six-months grace period with interest rate in the amount of, not exceeding effective rate of Central Bank refinancing is established.
4. On the credits issued with establishment of grace period, repayment of principal debt begins since the month following after the end of grace period.
The grace period to charge and collection of percent on the credits does not extend. At the same time percent for the credit to young family are charged daily on the actual remaining balance of debt on the credit and levied once a month.
5. The microcredits are issued to young families on the following purposes:
on the organization of family entrepreneurship;
on forming of initial (start capital) of microfirms, small enterprises, family companies, farms, and also Dehkan farms with the status of the legal entity;
on expansion and development of individual entrepreneurship, microfirms, small enterprises, family companies, Dehkan and farms.
6. The procedure for issue to young families by commercial banks of the microcredits, their monitoring and repayment is regulated by the Law of the Republic of Uzbekistan "About microfinancing" and domestic credit policy of bank.
7. Ceased to be valid according to the Resolution registered by the Ministry of Justice of the Republic of Uzbekistan of 13.11.2017 No. 1697-4
8. Issue, monitoring and repayment of the microcredits to young families on preferential interest rates at the expense of credit lines of the state trust funds is regulated by "Regulations on procedure for issue of the preferential microcredits by commercial banks at the expense of credit lines of the state trust funds" (reg. No. 2527 of November 19, 2013).
9. Mortgage loans are issued to young families 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.
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