Azad Rahimov: Lowering mortgage credit rates won ` t solve problems of young families in Azerbaijan
Lowering mortgage credit rates won ` t solve problems of young families in Azerbaijan, Azerbaijani Minister of Youth and Sport, Azad Rahimov told Trend.
Even if the percent rate will be lowered to 6-7% annually and the first payment rate will decrease in 15-20%, accommodation problem for young families will not be solved, the minister said, adding that these figures are still too high.
Many families are not capable to enter the first payment to the mortgage fund, he said. The Ministry of Youth and Sport has requested a number of social organizations to prepare their concepts and strategies to solve the problem, the projects will be later send for revisal to the Parliament, Mortgage Fund and the National Bank.
We have to define the social groups that will be using mortgage loans on beneficial conditions, the minister concluded.