Azerbaijani President Injects Changes to Rules on Mortgage Credits

Azerbaijani President Injects Changes to Rules on Mortgage Credits

Azerbaijan, Baku / Trend / Azerbaijani President Ilham Aliyev issued a decree on injecting changes and supplements to the presidential decree on Improvement of a mechanism on approval of mortgage credits, dated 13 January 2007, for issue of mortgage credits for the military.

The changes were injected with respect to improve the social status of young families and the military of the Ministry of National Security, interior Troops of the Ministry of Internal Affairs, and the State Border Service.

On 23 January the president of Azerbaijan issued a decree confirm the rules on issue of mortgage for members of members of young families, shehid (martyr) families (husband, or wife, or children), National Heroes, Internally Displaced People (IDPs), people holding identical status, state officers with experience of no less than 3 years, PhDs, people with special achievements in the sphere of sports.

The maximum amount of the credit is AZN 35,000, maximal term 30 years, maximum credit rates 4% a year.

From March 2006 to May 2007 the Azerbaijani Mortgage Fund (AIF) has issued over 1,000 credits. AIF finances mortgage credits through its 23 authorized agent banks. In 2006 the public budget assignments in this respect made up AZN 26ml, while in 2007 AZN 20mln.

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