Allocation of concessional mortgage loans resumes
The allocation of concessional mortgage loans has
resumed in Azerbaijan. Citizens seeking such loans may now apply at
those banks in charge of disbursing them.
Part of the 14 million manats ($17.5 million) amount designated for such allocations in the 2009 state budget has been transferred to the State Mortgage Fund, the body in charge of such allocations operating under the Central Bank.
Concessioinal loans, worth up to 35,000 manats ($43,000), are given for 30 years with 4% interest rate. The loans are earmarked for people not older than 35, from young families included in a special group of the population qualifying for concessions. These include family members of war victims, national heroes and their relatives, displaced persons, state servants, scholars, military men and distinguished sportsmen.
Just as with regular mortgage loans, the borrower is required to make a down payment of 15 percent of the apartment value. The property being purchased under the loan is held as collateral by the bank and is released upon payment of the entire amount of the borrowed funds.
Part of the 14 million manats ($17.5 million) amount designated for such allocations in the 2009 state budget has been transferred to the State Mortgage Fund, the body in charge of such allocations operating under the Central Bank.
Concessioinal loans, worth up to 35,000 manats ($43,000), are given for 30 years with 4% interest rate. The loans are earmarked for people not older than 35, from young families included in a special group of the population qualifying for concessions. These include family members of war victims, national heroes and their relatives, displaced persons, state servants, scholars, military men and distinguished sportsmen.
Just as with regular mortgage loans, the borrower is required to make a down payment of 15 percent of the apartment value. The property being purchased under the loan is held as collateral by the bank and is released upon payment of the entire amount of the borrowed funds.
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