According to the decision of Board of Azerbaijan National Bank, there were confirmed the changes and annexes to the standard requirements on authorized credit organizations granting the mortgage credits allocated by Azerbaijan Mortgage Fund (AMF).
They have been worked out as a result of the analysis of the mortgage crediting over past five months (the fund started to give credits from 1 March 2006), Trend reports with reference to the press-service of AMF.
Making changes and annexes to the system of mortgage crediting will serve simplification and upgrade of the system.
In addition, a decision was made to present a pack of proposals to the relevant state bodies regarding upgrade and mitigation of rules to give the mortgage credits through AMF. These changes will expand the opportunities of population to use this financial service. The changes are related to the issues remaining outside the mortgage credit (common terms, active legislation, private, registration and legalization procedures, etc.)
According to them, the coefficients imposing several limits for calculation of revenues and obligations will be eliminated, assessment process of mortgage will be simplified, the number of required documents will be decreased, as well as the infrastructure of the mortgage market (mortgage agents, brokers and services) will be expanded.