Tajikistan’s central bank hopes to extend mortgage terms to 15–20 years
Mortgage loans worth nearly 256 million somoni, or about 27.5 $ million, were issued in Tajikistan in the first half of 2026, Chairman of the National Bank of Tajikistan (NBT), Firdavs Tolibzoda, told reporters in Dushanbe on July 20.
According to him, mortgage lending has expanded in recent years, partly because of growing demand for housing and rapid development in the construction sector.
«At the same time, certain constraints remain, including limited access to financial resources, collateral requirements and short repayment periods,» Tolibzoda said.
He noted that, internationally, mortgages are typically issued for 15 to 20 years or longer, while Tajikistan’s banking system is only beginning to introduce such lending mechanisms.
«We hope the existing constraints will gradually be removed and that mortgage lending will become one of the key areas of activity for the banking system in the future,» he said.
Why do mortgages remain unaffordable?
Despite the increase in lending, mortgages remain beyond the reach of a large part of Tajikistan’s population.
As Asia-Plus previously reported, the weighted average mortgage interest rate is around 20%, repayment periods generally do not exceed seven to 10 years, and down payments amount to 20–30% of a property’s value.
Short repayment periods result in high monthly instalments, making mortgages unaffordable for many families.
In 2025, mortgage loans accounted for only 4,6% of all lending in the country.
Experts say one of the main obstacles is banks’ limited access to affordable, long-term funding. They have proposed extending repayment periods, reducing interest rates and creating state support mechanisms for borrowers.
State-owned Amonatbonk (Tajikistan’s savings bank) previously reported that it issued 48.5 million somoni in mortgage loans to 143 clients in the first half of 2026.
The bank reduced its annual interest rate from 18% to 14% and extended the maximum repayment period from five to 10 years.
Amonatbonk’s management has also said it will consider extending mortgage terms further.
Mortgage loans worth nearly 256 million somoni, or about 27.5 $ million, were issued in Tajikistan in the first half of 2026, Chairman of the National Bank of Tajikistan (NBT), Firdavs Tolibzoda, told reporters in Dushanbe on July 20.
According to him, mortgage lending has expanded in recent years, partly because of growing demand for housing and rapid development in the construction sector.
«At the same time, certain constraints remain, including limited access to financial resources, collateral requirements and short repayment periods,» Tolibzoda said.
He noted that, internationally, mortgages are typically issued for 15 to 20 years or longer, while Tajikistan’s banking system is only beginning to introduce such lending mechanisms.
«We hope the existing constraints will gradually be removed and that mortgage lending will become one of the key areas of activity for the banking system in the future,» he said.
Why do mortgages remain unaffordable?
Despite the increase in lending, mortgages remain beyond the reach of a large part of Tajikistan’s population.
As Asia-Plus previously reported, the weighted average mortgage interest rate is around 20%, repayment periods generally do not exceed seven to 10 years, and down payments amount to 20–30% of a property’s value.
Short repayment periods result in high monthly instalments, making mortgages unaffordable for many families.
In 2025, mortgage loans accounted for only 4,6% of all lending in the country.
Experts say one of the main obstacles is banks’ limited access to affordable, long-term funding. They have proposed extending repayment periods, reducing interest rates and creating state support mechanisms for borrowers.
State-owned Amonatbonk (Tajikistan’s savings bank) previously reported that it issued 48.5 million somoni in mortgage loans to 143 clients in the first half of 2026.
The bank reduced its annual interest rate from 18% to 14% and extended the maximum repayment period from five to 10 years.
Amonatbonk’s management has also said it will consider extending mortgage terms further.
Комментарии (0)