According to the Strategic Plan on Development of Mortgage Crediting, the Azerbaijan Mortgage Fund (AMF), operating within the National Bank of Azerbaijan (NBA) is expected to grant 1500 mortgage loans in 2007, Trend reports.
Faig Mammadov, the Executive Director of AMF, said today during a press-conference that some 1000 credits are expected to be granted in accordance with the general conditions of mortgage crediting and 500 within social mortgage.
If needs in mortgage crediting increase, additional financial resources will be implemented, noted the Head of AMF. Some 20 mln AZN are expected to be granted for these aims from the State Budget in 2007.
Mr. Mammadov is optimistic in extending the list of borrowers, since the system was improved; the number of documents to be submitted to banks/agents to obtain mortgage loans has reduced.
The documents are as follows: reference on income, document on assessment of a mortgage loan (the value of property), copies of ID card, agreement of marriage which proves the right on property and a mortgage paper due to purchasing-selling of property.
A total of 22 banks, 10 insurance companies, 11 organizations engaged in appraising, and one broker company are agents to the mortgage market.
Mr. Mammadov does not rule out that the list of AMF agents might be extended, however the involvement of all the banks operating in the country is too early. Some 16-17 banks out of the bank-agents of AMF are the most active ones, and their number extends as they pass institutional preparations and trainings.