KULOB, September 3, 2008, Asia-Plus — Mortgage-financed housing is developing in Kulob and twelve two-story residential buildings are now constructed in the suburb of the city of Kulob under the mortgage.
The buildings are being constructed by the Kulob-based open joint-stock company (OJSC) Kulobdehotsokhtmon (Kulob rural construction) and eight of them have already been acquired – their holders are three doctors, three teachers and two workers of the cultural sector.
Speaking in an interview with Asia-Plus, the Kulobdehotsokhtmon head Bobojjon Pirakov noted that the holders had paid 20 percent of cost of their residential buildings in advance. These two-story-residential buildings cost $48,000 each, according to Pirakov.
“To pay the remaining sum they may take loan from the branch of Agroinvestobonk in Kulob,” Pirakov said, noting that 1 million somonis were transferred to the bank for development of mortgage-financed housing in Kulob.
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.
