Following the requirements of № UP-3878 dated 18 May 2007 «On Additional Measures of Moral and Material Support of Young Families», Turonbank renders loans to young families that have registered their marriage for the first time when the age of each spouse does not exceed 30 years.

Pursuant to № UP-3878 dated 18 May 2007, the Bank lends young families on the privileged terms:

a) the privileged interest rate does not exceed the refinancing rate of the Central Bank;

b) a three-year grace period is envisaged for the repayment of the principal (the privilege does not relate to interest rate deferred payment));

c) when repaying the loan, the borrower is freed from the income tax on the taxable amount, and the imposed income tax is used for credit repayment.

Mortgage lending

The size of the mortgage loans provided to the young families makes up to:

• 3000 minimum wages for construction and acquisition of individual housing;
• 2500 minimum wages for the reconstruction of dwelling and acquisition of the apartment.

Term of the loan should not exceed 15 years.

Interest rates on a mortgage loan:

• Initial deposit over 25% of the total cost of the loan, the interest rate shall be set up in the size that does not exceed current refinancing rate of the Central Bank (14%);
• If the initial deposit exceeds 40% of the total cost of the loan, the interest rate shall be set up as 90% of the current refinancing rate of the Central Bank (12.6%);
• If the initial deposit exceeds 50% of the total cost of the loan, the interest rate shall be set up as 80% of the current refinancing rate of the Central Bank (11.2%);
• If the initial deposit exceeds 70% of the total cost of the loan, the interest rate shall be set up as 50% of the current refinancing rate of the Central Bank (7%).

Documents needed for receiving mortgage loan:

a) Application compulsory stating the following dat a:

• Target, terms and conditions of the requested loan.

b) Loan application is to be signed by the applier and have the date of application submission. The application should be attached with:

• Passport data of the borrower and his/her spouse with the note on permanent registration in the region of bank branch location, or in Tashkent;
• Marriage Certificate;
• Document certifying the marriage as the first one for both spouses;
• Reference from the place of residence indicating the term of residence at this address and number of family members;
• Reference from the employer indicating the salary for the past period (no less than 12 months) or the document confirming another type of income;
• Consent of the family members and, if needed, information on the incomes of a sub-borrower;
• Copy of the bankbook, reference or statement confirming availability of the initial monetary deposit with Turonbank;
• Copy of pension-cumulative book;
• Copy of work record card certified by the employer;
• Agreement on the intention to purchase housing from the Seller/Developer and the report of the independent assessor of the cost of the acquired housing, that complies with the enforced legislation, or the estimate cost of construction and mounting works if the loan is requested for construction or reconstruction of housing;
• Reference from the taxation bodies on the availability of INT.

Consumer loan

Maximum loan amount must not exceed 300-multiple of the size of the minimum wage established by the date of credit application submission.

• Term of the loan should not exceed 3 years with the interest rate of 14%.
• To receive the loan, the Borrower should submit to the Bank the following documents:
• Application for the requested loan.
• Passport data of the borrower and his/her spouse with the note on permanent registration in the region of bank
  branch location, or in Tashkent;
• Marriage Certificate;
• Document certifying the marriage as the first one for both spouses;
• Reference from the place of residence indicating the term of residence at this address and number of family
  members;
• Reference from the employer indicating the salary for the past period (no less than 12 months) or the document confirming another type of income;
• Copy of work record card certified by the employer;
• Documents ensuring repayment of the loan*;
• Notarized guarantee of credit amount repayment by the third party (natural entity) if the borrower appears to be unable to repay the loan;
• Reference from the taxation bodies on the availability of INT.

*The following may serve as credit collateral: pledge of property and securities, including mortgaging deposit, and other means envisaged by the legislation of the RUz.