The board of the National Bank of Azerbaijan approved the revisions and amendments to standard requirements for Azerbaijan Mortgage Fund-refinanced mortgage credits issue to authorized credit organizations. Trend reports with reference to AMFs release, these are developed by the totals of mortgage crediting analysis covered the last five months (the Fund started issuing credits March 1, 2006).
Revisions and amendments to the mortgage crediting system will serve simplification and modernization of that system. They will also help simplify the borrower and loan assessment process, reduce quantity and volume of required documents and extend mortgage market infrastructure (mortgage agents, brokers and services).
As a result of inclusion of such items the mortgage credits obtaining possibility is significantly expanding through purchasing housing in newly constructed buildings.
Besides, a proposals package has been prepared for submission to the relevant authorities for increase of dwellers using this service, but these proposals are linked to the issues outside the mortgage crediting scope (common conditions, current legislation, partial release of borrower from taxes registration and so on).