Bank Of Baku

New mortgage strategy is developed in Azerbaijan

New mortgage strategy is developed in Azerbaijan
# 10 May 2011 09:35 (UTC +04:00)
According to him, the current sum of mortgage is not enough for youths to buy house: “According to our researches, the mortgages are mainly directed to old houses in the market. I think it’s not right. They have already become dilapidated”.

He noted several variants are being looked through: “We want the youths to live in new houses, create new and cheap houses in the market. For this purpose it needs to increase the mortgage sum and soften the mortgage conditions. Down payment may be discussed to be reduced. At the same time, there is a variant to subsidize interests by the government. It’s also possible to review interest rates. I think establishment of Mortgage Guarantee Fund can simplify the something. There is a such practice”.
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