Thursday, 20 May 2010

Support to young families?

Today I took a taxi to go home. Well, not a big deal indeed. We went by a new multistory house not far from the city centre. The taxi driver looked at it and gave a deep sigh. I understood that something ties him with the house and asked whether he wanted to by an apartment there.  To my surprise, I was right.

So the driver told me about his attempts to get a mortgage according to the Governmental Program to support young families and provide them with accommodation.  His family decided to participate  in the program and discovered that apartments on credit are more expensive than those sold on the market (72 Million UZS which is about 35 thousand USD, while the market price is about  25-30 thousand USD ). Secondly, the guy had to pay 500USD (of course unofficially) to be included into the list of those who will get the mortgage. And finally, when the family was close to the final stage of settling up all the formalities, they found out that they have to pay not 5% interest as it was told before, but  much more. In particular, during the next 15 years they must pay back about 1 million UZS every month (an average monthly salary in Uzbekistan is about 400-500 thousand UZS ), which in 15 years would be 150 Million UZS and twice more as the apartment price. Thus the guy decided to give up and just to save money for buying an apartment… maybe in a couple of years. Hopefully…

For sure it is the best kind of support of young families. Since this teaches them to rely on themselves only…

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