In a report released at a news conference in Dushanbe, Amonatbonk (Tajikistan’s savings bank) head Sirojiddin Ikromi noted on July 22 that the bank launched mortgage lending.
According to him, the bank has allocated 100 million somonis for mortgage lending. “This is just the initial amount, and in the future, if necessary, additional amounts will be allocated for these purposes,” Amonatbonk top manager said.
“The loan in dollars is provided at a rate of 10% per annum and the loan in somonis is provided at a rate of 22% per annum for ten years,” Ikromi said.
At the same time, he stressed that a person who wants to take the mortgage loan from Amonatbonk must make his/her own funds in the amount of 30% of the cost of housing.
Mortgage refers to the process of offering something as a guarantee or collateral against a loan. One may come across the term when looking for secured loans.
Generally, home loans of all types are secured loans. The borrower must offer their property as a security to the lender. The property mortgaged acts as collateral until the borrower has repaid the loan in full. Mortgage loans are also commonly known as loans against property. A mortgage loan can be used to either buy or build a house or refinance a property. Refinancing refers to getting a new loan for a property while the original loan is still being repaid. It is usually done to get a loan with better terms.
