Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan Banks Association has prepared a set of proposals for amendments to the Law on Mortgage, with a view to soften terms of lending mortgage loans, in particular social mortgage loans, said Eldar Ismayilov, President of the Association.
According to him, this law was Azerbaijan’s first experience and was satisfactory at that time.
“However, in view of economic development there is a need to prepare a new law. The Central Bank is considering the new bill which is also subject to approval by the Cabinet,†he added.
According to him, the new bill provides for an option of cutting interest rate on social mortgage loans (4% per annum).
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