Following the presidential decree on the improvement on the system of issuing mortgages, the Government adopted Rules for Issue of Privileged Mortgage Credits in Azerbaijan, Trend reports. Faik Mammadov, the Executive Director of the Azerbaijan Mortgage Fund, stated to a news conference on January 24th that the improvement of the terms of mortgage crediting will expand the public's access to this financial instrument not only in Baku, but also in other regions.
Previous |
General mortgage credits |
Social Mortgage | |
|
Term of issue of the credit |
15 years years |
25 years years |
30 years years |
|
The initial fee |
30% |
15-0% |
15-0% |
|
Maximal sum of credit |
30 000 |
50 000 |
35 000 |
|
Maximal rates |
12% |
8% |
4% |
|
Correlation between Annuity payment to incomes |
50% |
70% |
70% |
|
Types of insurance |
Property and life insurance |
Property insurance |
Property insurance |
|
Term of default |
2 months months |
3 months months |
3 months months |
Mr. Mammadov said that young families, shehid (martyr) families, national heroes, internally displaced people, employees of state services with work experience of no less than 3 years, candidates in sciences, Ph.Ds, sportsmen with special services and the military of the Defense Ministry with a service term of no less than 3 years will enjoy the right to receive mortgage credit.
During the month there are plans to submit proposals on the expansion of categories among the military, who can also get mortgage credit. Similar rights can be given to military personnel working out of the Defense Ministry, including the civil defense, emergency situations and frontier troops.