Azerbaijan to launch a new mortgage lending program next year

Azerbaijan to launch a new mortgage lending program next year
# 12 September 2008 13:39 (UTC +04:00)
Elman Rustamov, the chairman of the NBA, said the mortgage lending has to be based on the principle of self-financing on the instructions of the Head of State.
“In general, the provision of mortgage loans through budgetary funds will mean the creation of additional source for inflation", he added.
According to him, the practices of a number of countries including Denmark and Mexico are being studied at present.
"In these countries there is a flexible model of mortgage lending. The new mortgage lending model for the coming years is pending for approval by the government. This new model will be introduced from next year", he noted.
Regarding the comparison of the new mortgage program with mortgage programs launched by commercial banks, Elman Rustamov said that there are no remarkable differences.
"The difference is related to macroeconomic changes. The new model will be based on the interest rates of foreign and domestic financial markets ".
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