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Azeri Government prepares additions to mortgage loan regulations

Azeri Government prepares additions to mortgage loan regulations

14 May 2009 14:56 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. The government is preparing a number of additions and changes to the rules of lending mortgage loans, said Arif Garashov, Chairman of Azerbaijan Real Estate State Register Service.

He said it is proposed to use a real estate which is bought by a mortgage loan as collateral.

â€œIf a citizen wants to buy a home, he will put the new home as collateral, if he has no ther thing as security. In accordance with international practice, his home on collateral will be sold to another person he fails to comply with the terms of the loan. This move will enable young people to own a home,â€ he added.

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