Mortgage lending with the participation of the construction financing fund of the bank of the future

Abstract

Mortgage lending for the modern economy is a tool to stimulate the construction industry but can be a source of risk at both the macro and microeconomic level, so the sphere of development of mortgage lending requires special attention from scientists, which in fact is realized in practice. So, the purpose of the article is to assess and analyze the prospects and risks of mortgage lending development in Uzbekistan in modern conditions. In order to achieve the goal in the course of the research 23 sources dedicated to various problems of organization of mortgage lending and its management at the state level have been studied. As a result of the study it was determined that the majority of researchers (about 20 authors) in 2018-2021 agree that mortgage lending should be applied and should be stimulated at the state level, but measures to stimulate it should be reasonable and weighted so as not to create prerequisites for a significant increase in supply in the real estate market without solvent demand. In addition, it should be noted that about 12 scientists in their works expressed the opinion that with limited access to capital and increasing cost of capital, the population can access better housing conditions primarily through mortgage lending since other sources of capital formation to improve housing conditions for the population may not be available. The study found that in Uzbekistan, the development of mortgage lending has been most active since 2010, but the pandemic COVID-19 has created some obstacles to further development of the construction sector, in parallel with the improvement of bank regulation of mortgages. The paper analyzes statistical data and diagnoses the current state of mortgage lending in Uzbekistan. In the conclusions, it is proved that the further prospects of mortgage lending development in Uzbekistan will be closely connected with the economic state of the state, in its turn the Government of Uzbekistan takes measures on the formation of the free market of mortgage services within the banking system.