Azerbaijan shares data on volume of mortgage lending

Economy 17 January 2022 10:52 (UTC +04:00)
Azerbaijan shares data on volume of mortgage lending

BAKU, Azerbaijan, Jan. 17

By Nazrin Israfilova - Trend:

The volume of mortgage loans issued through the Azerbaijan Mortgage and Credit Guarantee Fund (MCGF) exceeded two billion manat ($1.18 billion) as of January 13, the fund told Trend.

According to the MCGF, nearly 37,000 families in Azerbaijan have purchased housing under the mortgage lending mechanism, which has been operating since 2006.

Currently, one of the main goals of the fund is to improve the mechanisms for providing housing. Over the past 15 years of the functioning of the mortgage lending system, there has been formed an effective and efficient mechanism for financing groups of the population who need to improve their living conditions, due to constant state support.

Maintenance of preferential interest rates on mortgage loans, the introduction of preferential mortgage programs for persons who have rendered special services to the country, determined the success of this mechanism as a social state program, the fund said.

Nearly 70 percent of the mortgage recipients are young people and young families, added the fund.