Social mortgage to be more available in Azerbaijan

Social mortgage to be more available in Azerbaijan

Azerbaijan, Baku, Nov. 15 / Trend A. Akhundov /

A list of people who will have access to the social mortgage through the Azerbaijan Mortgage Fund (AMF) under the Azerbaijani Central Bank (CBA) will be expanded in Azerbaijan, CBA general director Rashad Orujov told media today.

"Servicemen and employees of the Ministry for Emergency Situations have been recently included in this category of people on the basis of changes in the legislation," Orujov said. There are proposals to include young families and young people who have no family in this list, but they have the financial opportunities to obtain mortgage loans."

He did not rule out the possibility of making the proposals for the near future.

According to the preliminary proposals, it is also proposed to increase the maximum amount of credit on the social mortgage from current 35,000 to 50,000 manat, and perhaps up to 60,000 manat. The rate of the loan, hitting four percent now, may also be revised in a downward direction within the social mortgage.

Recipients of social mortgage loans may also be exempted from the initial payment.

"After the Guarantee Fund starts its activity, one can get mortgage loans without making an initial payment," CBA director general said. "The borrower will receive a guarantee from the fund instead of an initial payment on a mortgage loan. He will have to pay the entire amount himself."

At present, the issue of the fund's capitalization is being solved. The fund's opportunities will depend on it.

"The capitalization of the fund will depend on the funds allocated from the state budget to finance social mortgage [for 2013, this amount increased from 20 million manat to 40 million manat in 2012]," Orujov said.

The guarantee fund will be established under the AMF not to complicate the institutionalization of the new organization, he said.

He also spoke about the plans for changing the terms of issuing the conventional mortgage loans, which will concern only the maximum amount. It is proposed to increase from current 50,000 manat to 100,000 manat, and the interest rate will remain at eight percent.

The process of mortgage lending on the AMF standards started in the country in March 2006. It has reached 395.52 million manat since that moment. The fund refinanced only 306.55 million manat of this amount and it received 136 million manat from the state budget in 2005-2012.

The initial payment on the social mortgage is 15 percent, with a maturity of 25 years, and for conventional loans - 20 percent for a period of 30 years.

The official exchange rate is 0,7848 AZN/USD on Nov. 15.

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