In 2010 social mortgage in Azerbaijan will be financed due to possible capacity of public budget: minister

Azerbaijan, Baku, November 4 / Trend , I.Khalilova /

Financing social mortgage in Azerbaijan in 2010 will depend on the financial capacity of the Public budget, said Finance Minister Samir Sharifov during discussions over 2010 Public budget at a meeting of parliamentary committee on Tuesday.

In the projections of the 2010 Public budget, the government has retained the same amount that had been laid for the current year, $14 million for preferential financing of mortgage loans through the Azerbaijan Mortgage Fund (AMF).

"Today, the mortgage mechanism is divided into two parts: on the one hand, the mortgage fund operates on principles of self-financing and provides usual loans, but the social mortgage is available for persons who meet the criteria specified in the relevant decisions of the Government," said the minister.

The maximum sum of common mortgage loans in Azerbaijan amounted to 50,000 manat under 8 percent per year for the term of 25 years, social mortgage to 35,000 manat under a 4 percent per year for 30 years. Initial payment for common and lax loans is 15 percent.

In connection with the launch of mortgage loans, 17 banks, 7 appraisal companies and 10 insurance companies authorized by the AMF were approved.

Conditions of the mortgage lending are as the following: loans must be issues in the national currency with manats and only to Azerbaijani citizens, and an object of the mortgage can only be an apartment or private houses, volume of the mortgage lending must not exceed 85 percent of the market price, monthly payment for a loan must not exceed 70 percent of debtor's monthly income, as well as presence of an agreement on life insurance and others.

Preferable conditions are granted to members of families of war victims, families of national heroes, internally displaced persons, civil servants with at least a three-year experience, candidates PhD and PhD, persons making special contributions to sport, as well as militaries with at least a three-year service term.

Each family having the right to a lax mortgage loan can use this chance only for one time.

The 2005-2009 public budget of Azerbaijan envisages 94 million manat for mortgage loans through the Mortgage Fund, with over 70 million manat distributed through banks.

The 2009 public budget has allocated 14 million manat to finance social mortgage lending.

Official rate on Nov. 4 is 0.8034 AZN/USD.

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