OREANDA-NEWS. October 08, 2010. Ipoteka-bank joint-stock commercial mortgage bank holds stable position in the market of housing crediting of the population.

Since the beginning of its activity the bank has extended mortgage credits worth 107.9 billion soums including 1,877 credits worth 58.47 billion soums to Tashkent, 2,969 credits worth 49.5 billion soums to regional centers and rural areas.

For the seven months of 2010, 305 individuals received the bank's loans worth 13.78 billion soums for the purchase, construction or reconstruction of private housing.

To be noted, credits are issued to individuals, citizens of Uzbekistan, registered at domicile, at the age of 18 to 60. The longest credit term is ten years while the possible period of grace is six months.

At that, the sum of credit for the purchase of individual housing or apartment at tenement-house can be 2,500 times the amount of the minimum salary established by the legislation, while the credit for the construction of individual housing can be 3,000 times over the minimal salary.

The legalization of the credit for the purchase of individual housing and apartment includes such compulsory requirements as payment of initial fee not less than 25% of the contracted price of the purchase to the borrower's deposit account in national currency, the security for the housing or apartment to be purchased and its insurance for the whole credit period.

Young families enjoy benefits when applying for mortgage credit. Thus, a young family is exempted from income tax for the part of income used for compulsory monthly payments on loan (main loan and interests on it) in order established by legislation. This benefit applies to families where the age of each of the married couple did not exceed 30 years, who are in their first officially registered matrimony.

Thus, the availability, high guarantees and acceptable conditions of mortgage crediting make it one of the most popular tools for the housing problem solving, especially for young families.