Bank Of Baku

Azerbaijan plans to expand social mortgage

 Azerbaijan plans to expand social mortgage
# 14 June 2013 12:46 (UTC +04:00)

The Deputy Minister noted that the funds for social mortgage allocated by the government do not cover apartment problems of all families and social mortgage loans could be increased: “Former maximum limit of mortgage loans was AZN 35,000, then it increased to AZN 50,000. Now, it’s planed to increase to AZN 70,000”.  

 

He also spoke about interest rate of social mortgage. He stressed that annual interest for social mortgage is 4% and is not expected to reduce. 

 

According to proposals for law to be drafted, Along with young families, the youths also will be able to benefit from social mortgage loans: “Age limit for young families is 35, for youths – 29”.

 

 

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