KULOB, July 26, 2008, Asia-Plus — By resolution of the Kulob mayor’s office one hectare of land in the city has been allotted for mortgage-financed housing, the Kulob mayor said in an interview with Asia-Plus.
According to him, the Kulob state company Kulobdehsokhtmon (rural construction) has been granted a contract to build a multistory residential complex in the city.
The mayor noted that under the new municipal redevelopment plan, Kulob is expected to have the population of 250,000 in 2025 and demand for dwelling is increasing in the city.
“Practically everything is ready for allotment of lands for housing to the first group of those wanting,” the mayor said, adding that they have received more than 3,000 building plot applications to date.
He noted that not all of those having applied for building plots have financial opportunities to pay housing at once and the mortgage-financed building is one of solutions to this problem.
A mortgage is the pledging of a property
to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
