Eligibility criteriasIn order to be eligible for refinancing provided by UzMRC JSC, IMTs must meet the following criteria:
| Eligibility Criteria | General information |
| Mortgage lending experience | A minimum of 3 years (or a prepared plan to enter the mortgage finance industry within the next 12 months). |
| Guaranteed deployment and service platforms | Appropriate lending policies and housing financing strategies. |
| Possibilities and obligations of financing housing loans | Employees were trained by JSC "UzIQMK", MB or other specialized organizations. A specialized department or division of the credit department dealing with mortgage loans. |
| Financial and operational eligibility criteria | Compliance with all applicable central bank prudential standards and regulations, such as:requirement for the minimum level of capital adequacy;show profit in the report;credit classification and provisioning;Coefficients of problematic loans for housing loan portfolio and general loan portfolio; andrequirements against crimes of illegal embezzlement.In addition, IMTs must perform the following:maintain financial stability;act in accordance with sound financial principles and practices (for example, preparation of unqualified audit reports in accordance with the guidelines of MHXS for the last two years);Maintain credit and investment policy acceptable to ADB and the Central Bank; andcontrol and monitoring of implementation of investment projects by borrowers. |
| Corporate governance | Corporate governance system covering the central bank's effective identification, monitoring and management of all existing commercial risks, compliance systems with legal and regulatory requirements, financial information disclosure requirements for market participants and observers, corporate governance objectives, strategies and methods approved measures. |
| Information activities | Proven ability to provide mortgage loans nationwide, reflected in branch operations, credit information, etc. |
| Risk management procedures | Ability to manage risk through appropriate processes and/or procedures covering:-credit risk;-risk associated with asset and liability management;-market risk (for example, interest rate risk and currency risk); and operational risk. |
| Compliance with Warranties | Environmental and social protection management systems to monitor compliance with ADB's environmental and social protection policies. |
Eligibility criteria for mortgage loans All mortgage loans refinanced by UzMRC JSC must meet the following eligibility criteria: Eligibility criteria for refinancing mortgage loans for borrowers with informal sources of income:
| Mortgage standard | Eligibility criteria | |
| Borrower requirements | ||
| Acceptable category: | Citizens of the Republic of Uzbekistan: IDPs, Labor migrants, landlords, shareholders,Self-employed persons | |
| Classification: | Borrowers with verifiable income sources:1. Sole proprietors2. Migrant workers with a history of official remittances*3. Self-employed individuals with a history of income4. Officially receiving rental income5. Dividend recipients | Borrowers with non-verifiable income sources**:Self-employed individuals with no income history |
| Income: | 1. Individual:- official remittances from abroad – 100%;- dividends – 100%;- rental income registered in the tax platform – 100%.2. Sole proprietor- Revenue – 20%.3. Self employed.- Income reflected in tax records and on the KATM platforms – 100%. | 1. Client’s Bank Account History:· For home purchase and renovation: at least 12 months· For “Green Renovation” mortgage loan: at least 6 months2. Unverified Income disclosed verbally by the client during an interview with the bank officer and assessed by the officer based on prevailing market conditions. |
| Mortgage loan requirements | ||
| Loan purpose: | For the purchase and repair of residential property that has been put into operation (has a cadastral register); | |
| Type of housing eligible for lending: | Single-family homes and apartments in multi-story buildings | |
| Mortgage loan limit: | For the purchase of housing:- For the city of Tashkent: - up to UZS 800 million - For the Republic of Karakalpakstan and regions: - up to UZS 500 million | |
| For residential renovation:- up to UZS 170 million | ||
| Mortgage loan term: | For the purchase of a dwelling:- At least 10 yearsFor the renovation of a dwelling:- Up to 10 years | |
| Loan-to-value ratio (LTV) | LTV≤ 65% | |
| DTI | ≤ 50% | |
| Loan repayment schedule: | Monthly (annuity or differential) without a grace period | |
| Mortgage loan collateral: | Housing under a mortgage loan | |
| Mortgage loan history: | Must not have any debt that is more than 30 days past due in the last 12 months*** | |
| Borrower age: | 18–60 years old | |
| Geographical location of the residence: | Across the Republic of Uzbekistan | |
| Loan status at the time of refinancing: | Must not have any past due debts | |
| Home insurance: | 100% replacement cost of the residence | |
| Residential property valuation: | Must be appraised by an independent appraiser | |
| Mortgage loans allocated to clients with no income history in accordance with the company's requirements(mortgages allocated by the bank on its own terms) | ||
| Refinancing | Loans that meet the "Mortgage Loan Requirements" section above and have a history of at least 12 months will be refinanced | |
* A loan for a migrant worker can be issued in his/her name, or in the name of a spouse or parent/child residing at the same address.
** To accurately assess the client's solvency, it is necessary to review the bank account history of individuals with unofficial income. During this review, the client must confirm their financial discipline and solvency by making monthly deposits of at least the monthly mortgage payment into the bank account.
*** In this case, the client's income is determined by the bank.
*** Mortgage loans issued for the purchase and renovation of housing are refinanced after the Bank has prepared a statement on the intended use of the loan funds.
Eligibility criteria for mortgage loans refinanced by the UzMRC using state budget funds (in accordance with the Decree of the President of the Republic of Uzbekistan dated February 21, 2025, No. DP-26)
| Credit standard | Requirements |
| Purpose: | In the primary housing market (new buildings), the ownership right has arisen on the basis of the commission act on commissioning of the built housing and no more than three years have passed since its acceptance, to be used to purchase flats (flats) in multi-storey buildings. The residence purchased with a mortgage loan must be the primary residence of the borrower. |
| Type of housing eligible for lending: | Multi-unit building. Mortgage financed property must be occupied by the borrower. Houses that are not ready for occupancy are NOT considered as eligible. |
| Eligible Borrowers: | Citizens and residents of the Republic of Uzbekistan who have sources of income. |
| Mortgage credit limit: | To purchase housing:For Tashkent city: - up to UZS 800 million. For the Republic of Karakalpakstan and other regions: - up to UZS 500 million. |
| Mortgage loan term: | To purchase housing:- maximum 20 years. |
| Interest rate: | To purchase housing:≤ CBU key rate + 6% |
| Prepayment: | To purchase housing:- at least 25%. |
| Loan to home value ratio (LTV): | LTV ≤ 75%.As the value of the residence, the smaller of the value specified in the appraised or sale contract is taken. |
| Total Debt Burden (DTI): | DTI ≤ 50%(taking into account the total current loan payments of the borrower and co-borrower). |
| Loan repayment schedule: | Monthly payment must be in the form of an annuity or differential, with no grace period. |
| Collateral of a mortgage loan: | A house under a mortgage loan (for purchase or renovation). |
| Age of borrower: | 18 - 60 years old. |
| Geographical location of residence: | Across the country. |
| Credit history: | Refinanced mortgage loans should not have overdue debt (more than 30 days) from the period of loan allocation to refinancing. |
| The status of the loan at the time of refinancing: | There should be no overdue debts. |
| Residential insurance: | 100% replacement cost of housing. |
| Residential property valuation: | Must be appraised by a specially licensed independent appraiser. |
| Second mortgage loan: | Permitted |
| Social and Environmental Management System(some issues): | Mortgage loans can be given to residences with asbestos (chrysotile)-cement roofing (slate) and in compliance with the requirements of the Social and Environmental Management System. |
| Provision of the loan portfolio in relation to the amount of refinancing: | At least 125%. |
Eligibility criteria for mortgage loans refinanced by the UzMRC own resources:
| Credit standard | Requirements |
| Purpose: | 1. Ready to use (with cadastre), purchase of housing (on the primary and secondary housing market); 2. Home renovations. This does not include structural changes (reconstruction). |
| Type of housing eligible for lending: | Individually built houses or flats in multi-storey buildings. |
| Eligible Borrowers: | Citizens and residents of the Republic of Uzbekistan who have sources of income. |
| Mortgage credit limit: | To purchase housing:For Tashkent city: - up to UZS 800 million. For the Republic of Karakalpakstan and other regions: - up to UZS 500 million.For renovation:- up to UZS 170 million. |
| Mortgage loan term: | To purchase housing:- maximum 20 years.For the renovation: - Minimum tenor of 10 years. |
| Interest rate: | On commercial terms |
| Prepayment: | For the purchase housing: - Minimum 25% For the renovation: - No down-payment required for renovation mortgage loans. |
| Loan to home value ratio (LTV): | LTV ≤ 75%.As the value of the residence, the smaller of the value specified in the appraised or sale contract is taken. |
| Total Debt Burden (DTI): | DTI ≤ 50%(taking into account the total current loan payments of the borrower and co-borrower). |
| Loan repayment schedule: | Monthly payment must be in the form of an annuity or differential, with no grace period. |
| Collateral of a mortgage loan: | A house under a mortgage loan (for purchase or renovation). |
| Age of borrower: | 18 - 60 years old. |
| Geographical location of residence: | Across the country. |
| Credit history: | Refinanced mortgage loans should not have overdue debt (more than 30 days) from the period of loan allocation to refinancing. |
| The status of the loan at the time of refinancing: | There should be no overdue debts. |
| Residential insurance: | 100% replacement cost of housing. |
| Residential property valuation: | Must be appraised by a specially licensed independent appraiser. |
| Second mortgage loan: | Permitted |
| Social and Environmental Management System(some issues): | Mortgage loans can be given to residences with asbestos (chrysotile)-cement roofing (slate) and in compliance with the requirements of the Social and Environmental Management System. |
| Provision of the loan portfolio in relation to the amount of refinancing: | At least 125%. |
Eligibility criteria for Green Renovation mortgage loans refinanced by the UzMRC with funds from the Asian Development Bank (ADB)”
| Credit standard | Requirements |
| Purpose: | Home renovations. This does not include structural changes (reconstruction). |
| Type of housing eligible for lending: | Individually built houses or flats in multi-storey buildings. |
| Eligible Borrowers: | Citizens and residents of the Republic of Uzbekistan who have sources of income. |
| Mortgage credit limit: | For renovation:- up to UZS 140 million. |
| Mortgage loan term: | For the renovation: - Minimum tenor of 10 years. |
| Interest rate: | On commercial terms |
| Prepayment: | For the renovation: - No down-payment required for renovation mortgage loans. |
| Loan to home value ratio (LTV): | LTV ≤ 75%.As the value of the residence, the smaller of the value specified in the appraised or sale contract is taken. |
| Borrower's maximum monthly net income(in case of insufficient income combined with borrower's income): | UZS 17 million. (If the monthly net income of the borrower is not enough, only cohabiting household members can be involved as co-borrowers). |
| Total Debt Burden (DTI): | DTI ≤ 50%(taking into account the total current loan payments of the borrower and co-borrower). |
| Loan repayment schedule: | Monthly payment must be in the form of an annuity or differential, with no grace period. |
| Collateral of a mortgage loan: | A house under a mortgage loan (for purchase or renovation). |
| Age of borrower: | 18 - 60 years old. |
| Geographical location of residence: | Across the country. |
| Credit history: | Refinanced mortgage loans should not have overdue debt (more than 30 days) from the period of loan allocation to refinancing. |
| The status of the loan at the time of refinancing: | There should be no overdue debts. |
| Residential insurance: | 100% replacement cost of housing. |
| Residential property valuation: | Must be appraised by a specially licensed independent appraiser. |
| Second mortgage loan: | Not permitted. The following points are considered as "Second mortgage loan": - Second mortgage loan on the same residential property. - If there is any current outstanding house purchase mortgage loan on the credit history.. |
| Social and Environmental Management System(some issues): | Mortgage loans can be given to residences with asbestos (chrysotile)-cement roofing (slate) and in compliance with the requirements of the Social and Environmental Management System. |
| Gender Requirement: | At least 35% of mortgage loans should be provided to female borrowers. |
| Provision of the loan portfolio in relation to the amount of refinancing: | At least 125%. |
Eligibility criteria for Green Renovation mortgage loans refinanced by the UzMRC's own resources:
|
Credit standard |
Requirements |
|
Purpose: |
Home renovations. This does not include structural changes (reconstruction). |
|
Type of housing eligible for lending: |
Individually built houses or flats in multi-storey buildings. |
|
Eligible Borrowers: |
Citizens and residents of the Republic of Uzbekistan who have sources of income. |
|
Mortgage credit limit: |
For renovation: - up to UZS 170 million. |
|
Mortgage loan term: |
For the renovation: - Minimum tenor of 10 years. |
|
Interest rate: |
On commercial terms |
|
Prepayment: |
For the renovation: - No down-payment required for renovation mortgage loans. |
|
Loan to home value ratio (LTV): |
LTV ≤ 75%. As the value of the residence, the smaller of the value specified in the appraised or sale contract is taken. |
|
Total Debt Burden (DTI): |
DTI ≤ 50% (taking into account the total current loan payments of the borrower and co-borrower). |
|
Loan repayment schedule: |
Monthly payment must be in the form of an annuity or differential, with no grace period. |
|
Collateral of a mortgage loan: |
A house under a mortgage loan (for purchase or renovation). |
|
Age of borrower: |
18 - 60 years old. |
|
Geographical location of residence: |
Across the country. |
|
Credit history: |
Refinanced mortgage loans should not have overdue debt (more than 30 days) from the period of loan allocation to refinancing. |
|
The status of the loan at the time of refinancing: |
There should be no overdue debts. |
|
Residential insurance: |
100% replacement cost of housing. |
|
Residential property valuation: |
Must be appraised by a specially licensed independent appraiser. |
|
Second mortgage loan: |
Permitted. |
|
Social and Environmental Management System (some issues): |
Mortgage loans can be given to residences with asbestos (chrysotile)-cement roofing (slate) and in compliance with the requirements of the Social and Environmental Management System. |
|
Provision of the loan portfolio in relation to the amount of refinancing: |
At least 125%. |
Eligibility criteria for mortgage loans refinanced by the Company using funds from the Asian Development Bank (ADB).
|
Credit standard |
Requirements |
|
Purpose: |
1. For the purchase of an existing residential property to be occupied by the owner; 2. For the purchase of a fully commissioned residential property to be occupied by the owner; or For the renovation of a residential property occupied by the owner and does not involve structural alterations or expansions. |
|
Type of housing eligible for lending: |
Single house or apartment in a multi-unit building. Mortgage financed property must be occupied by the borrower. Houses that are not ready for occupancy are NOT considered as eligible. |
|
Eligible Borrowers: |
Citizens and residents of the Republic of Uzbekistan who have sources of income. |
|
Mortgage credit limit: |
To purchase housing: - UZS 450 million . Renovation mortgage loans: - UZS 140 million . |
|
Mortgage loan term: |
To purchase housing: - Minimum tenor of 10 years, maximum 20 years For the renovation: - Maximum tenor of 10 years. |
|
Interest rate: |
On commercial terms |
|
Prepayment: |
To purchase housing: - Minimum 25% For the renovation: - No down-payment required for renovation mortgage loans. |
|
Loan to home value ratio (LTV): |
LTV ≤ 75%. As the value of the residence, the smaller of the value specified in the appraised or sale contract is taken. |
|
Borrower's maximum monthly net income (in case of insufficient income combined with borrower's income): |
UZS 17 million. (If the monthly net income of the borrower is not enough, only cohabiting household members can be involved as co-borrowers). |
|
Total Debt Burden (DTI): |
DTI ≤ 50% (taking into account the total current loan payments of the borrower and co-borrower). |
|
Loan repayment schedule: |
Monthly payment must be in the form of an annuity or differential, with no grace period. |
|
Collateral of a mortgage loan: |
A house under a mortgage loan (for purchase or renovation). |
|
Age of borrower: |
18 - 60 years old. |
|
Geographical location of residence: |
Across the country. |
|
Credit history: |
Refinanced mortgage loans should not have overdue debt (more than 30 days) from the period of loan allocation to refinancing. |
|
The status of the loan at the time of refinancing: |
There should be no overdue debts. |
|
Residential insurance: |
100% replacement cost of housing. |
|
Residential property valuation: |
Must be appraised by a specially licensed independent appraiser. |
|
Second mortgage loan: |
Not permitted. The following points are considered as "Second mortgage loan": - Second mortgage loan on the same residential property. - If there is any current outstanding house purchase mortgage loan on the credit history.. |
|
Social and Environmental Management System (some issues): |
Mortgage loans can be given to residences with asbestos (chrysotile)-cement roofing (slate) and in compliance with the requirements of the Social and Environmental Management System. |
|
Gender Requirement: |
At least 35% of mortgage loans should be provided to female borrowers. |
|
Provision of the loan portfolio in relation to the amount of refinancing: |
At least 125%. |
JSC “UzMRC” reserves the right to amend the Eligibility Criteria, provided that such amendments shall not have a retrospective effect.