Azerbaijan, Baku, June 9 / Trend , A. Huseynbala/
Azerbaijani parliament's first vice speaker says mortgage lending for military men will be launched in soon.
"Due to supreme commander-in-chief's attention, the issue of mortgage lending for Azerbaijani military men will be solved soon," First Vice Speaker Ziyafat Asgarov said.
Azerbaijan Mortgage Fund resumed mortgage lending on June 1, 2009. Maximum amount of mortgage lending is 50,000 manat and preferential loan - 35,000 manats. The maximum annual percentage rate for the usual loan is 8 percent, and preferential - 4 percent. The maximum term of loan is 25 years and old - 30 years, the primary fee is the same for all categories of borrowers (15 percent).
The conditions of mortgage loans are the following: loans must be issued in national currency - manat, and only to the citizens of Azerbaijan. The subject of the mortgage can only be apartments and private homes, the amount of mortgage loan should not exceed 85 percent of the market cost of the property, which lie under the mortgage, the monthly payment for the loan should not exceed 70 percent of the borrower's monthly income, the amount of life insurance shall exceed the amount of the mortgage loan and others.
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