Azerbaijan unveils mortgage loans issued through state line

By Trend

More than 37,500 mortgage loans worth over 2.05 billion manat ($1.2 billion) were issued through the Azerbaijan Mortgage and Credit Guarantee Fund as of late February 2022, the fund told Trend.

According to the message, moreover, the guarantees for business loans worth 280.4 million manat ($164.9 million) were provided through the fund during the reporting period while 1,404 apartments were leased with the right to purchase it later.

“Presently, one of the main goals of the fund is to improve the mechanisms for providing housing,” the message said. “An effective and efficient mechanism for financing the layers of the population in need of better housing conditions has been formed through the constant state support over the past 15 years of the mortgage system.”

“Maintenance of preferential interest rates on mortgage loans, the introduction of preferential mortgage programs for the individuals having special merits to the state, stipulated the success of this mechanism as a social state program,” the fund said. “About 70 percent of mortgage loan recipients are young people and young families.”