The management of the Central Bank of Uzbekistan has made a decision to introduce changes in the procedure for granting mortgage loans to the public. This decision is aimed at meeting the housing needs of the population and making the mortgage system more competitive.
According to the new changes, if the bank rejects a mortgage loan application, the borrower must receive a written notification with a clear and detailed explanation of the reasons for the rejection within three working days from the date the decision is made. Previously, only the rejection decision was sent without explanations.
Furthermore, before making a decision on granting a mortgage loan, it has become mandatory to take into account the financial situation of the borrower and their existing debt load. This new requirement will help reduce financial pressure on the borrower. Additionally, banks must comply with macroprudential norms established for lending to avoid excessive debt burdens.
One of the key stages of granting a mortgage loan is the calculation of the ratio between the value of the collateral and the loan amount. This indicator plays an important role in determining the individual parameters of the mortgage and will now be regulated by legal standards.
The new system creates an opportunity for banks not only to ensure their financial impartiality but also to provide mortgage loans to the population on transparent and quality terms. These changes are aimed at meeting the needs of the population and making the process of obtaining a mortgage loan more convenient.
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