DUSHANBE, April 6, Asia-Plus – Open joint-stock company (OJSC) TojikSodirotBonk (TSB) plans to increase a maximum amount of mortgage loan from $30,000 to $50,000, according to TSB.
The source at TASB said that such a decision had been made after studying the market of real estate in the country. “Mortgage lending is the primarily mechanism used to finance private ownership of residential property,” said the source, “Prices of apartments annually rise in the country, especially in Dushanbe, and today, it is practically impossible to purchase apartment in Dushanbe for $30,000.”
According to him, the bank has provided five mortgage loans for a total amount of $150,000 since the beginning of the year.
TSB is the first bank in Tajikistan to provide mortgage loan. TSB has offered this service over the past two years. Mortgage loans provided by TSB carry an annual interest rate of 25 percent and are repayable over five years.
The TSB source stressed that only citizens of Tajikistan may apply for the mortgage loan.
TSB was established in December 1990 as the Tajik branch of the Vnesh Econom Bank of the former Soviet Union, and it initially specialized in trade and import-export banking. Later this branch was reorganized into a Joint-Stock Commercial Bank “Tajikvnesheconombank”. In June 1999 the bank was renamed and registered as TojikSodirotBonk or TSB.
Headquartered in Dushanbe, TSB has 9 branches in the main cities of Tajikistan and covering all regions of the country. Its clients include the biggest Tajik trading companies, other enterprises, entrepreneurs, and some of the embassies and diplomatic organizations based in Dushanbe. TSB’s regulative capital has amounted by 47.7 million somonis as of January 1, 2007.
