DUSHANBE, February 2, Asia-Plus — AgroInvestBonk has extended a line of its deposit products through offering a new deposit product to its customers – deposit account Khona (Home).
Sharif Qaraqulov, the head of the AgroInvestBonk deposits and attracted resources department, said in an interview with Asia-Plus that the Khona deposit is intended for those who want to collect money for housing and an annual interest rate on funds deposited on the Khona account is set at 5%. According to him, the Khona deposit is the first move taken by the bank towards offering mortgage credit services to the customers.
According to Tajik central bank, a mortgage credit law has not yet been adopted in the country and the work on drafting this law is under way. “However, since banks in Tajikistan are joint-stock companies, they may make decision to introduce the mortgage credit service themselves,” a source at the central bank said.
At present TojikSodirotBonk (TSB) is still the only bank in Tajikistan to offer the mortgage credit service to its clients. According to TSB, many people have already applied for mortgage credit to the bank since the service was introduced two years ago.
“Before providing the mortgage loan, the bank checks and analyzes incomes of client; person applying for the mortgage loan should have stable income in order to repay the loan,” said the TSB source, “It is to be noted that there are no so many people in Tajikistan having stable incomes and therefore the bank has provided only 26 mortgage loans for a total amount of more than 1 million somonis over the past two years.”
According to the TSB source, the mortgage loans provided by their bank carry an annual interest rate of 25 percent and are repayable over five years. The maximal amount of the mortgage loan provided by TSB is $30,000.
