Ministry of Economy and Finance of the Republic of Uzbekistan

Under the new mechanism:

Citizens who have received a positive notification confirming their eligibility for a mortgage subsidy may voluntarily establish a targeted mortgage savings account with a commercial bank during the validity period of the notification. The savings amount must not be less than the borrower’s share of the required down payment, calculated based on the maximum amount of a mortgage loan eligible for refinancing under the Mortgage Program. The savings period may not exceed 12 months;

For citizens who establish a targeted mortgage savings account, state subsidies allocated to cover part of the mortgage loan down payment will be transferred in advance to the savings account, based on applications submitted by commercial banks, to finance part of the minimum required savings amount;

Commercial banks will accrue interest on the balance of the targeted mortgage savings account at market rates. All funds accumulated during the savings period, together with the accrued interest, will be used exclusively to finance the down payment for a mortgage loan.

The mechanism has been developed based on advanced international practices and is aimed at encouraging households to use their temporarily available funds to save for home purchases, expanding opportunities for homeownership, providing additional financial capacity for meeting down payment requirements, and improving the effectiveness of government housing subsidy programs.

In addition, under the existing framework, the mechanism for providing state subsidies to cover part of mortgage loan interest expenses will remain in force. During the first five years of a mortgage loan, the Government will subsidize the portion of interest payments exceeding the level set by the Central Bank’s policy rate.

The new mechanism enables citizens to accumulate the funds required to purchase a home through advance financial planning.

The pilot project is scheduled to be implemented on a trial basis from 1 July through 31 December 2026.

PR and Communications Department
Ministry of Economy and Finance