BAKU, Azerbaijan, February 23. More than 31,000 loans have been issued through the electronic system of Azerbaijan's Mortgage and Credit Guarantee Fund, Trend reports via the fund.
According to the fund, in 2013, work began on the introduction of an electronic mortgage system, and in 2017, the system was fully integrated into the e-government platform and was ready to be used by the population.
"Currently, all business processes related to obtaining and servicing a mortgage loan, including the selection of a potential lender bank, initial underwriting of the borrower, document management, etc. are carried out through an electronic mortgage and credit guarantee system," the fund said.
In addition, the fund noted that at the moment, the electronic system processes more than 38,400 active life insurance contracts as part of the mortgage lending and about 35,100 property insurance contracts.
"Since 2020, a new housing finance tool has been introduced: tenancy with a right of redemption. It should be noted that the implementation of the tool took place in rather difficult conditions - the pandemic and related restrictions. But despite this, the tenancy with the right of redemption market is developing quite actively, and there is a positive dynamic. To date, more than 3,000 contracts have been concluded through the system," the fund added.
The Mortgage and Credit Guarantee Fund was established by the decree of the President of Azerbaijan in 2017 through the reorganization and merger of the "Azerbaijan Mortgage Fund" JSC and the "Credit Guarantee Fund of Azerbaijan" JSC.