Azerbaijani MP suggests subsidizing first installment on preferential mortgage
By Trend
It is necessary to subsidize the first installment on a preferential mortgage in the amount of 10 percent for certain citizens in Azerbaijan, MP Vugar Bayramov proposed Trend reports.
"The amount of preferential mortgages does not exceed 100,000 manat ($58,857) and is issued for a period of 30 years at an annual rate of four percent. The minimum down payment on these loans accounts for 10 percent. Considering that citizens taking preferential mortgages are identified as the population in need of special support, we offer to subsidize soft mortgages for some of them,” Bayramov said.
According to him, the low salaries of reporters and secondary school teachers are the biggest obstacle to paying the down payment on subsidized mortgages. Therefore, for citizens applying for a preferential mortgage loan, a 10 percent down payment may be subsidized by the Azerbaijan Mortgage and Credit Guarantee Fund.
He also added that in this case, a person can get credit and buy an apartment without the down payment. This can help our citizens to benefit more from concessional mortgages and will improve the availability of loans.
According to the MP, the related proposals have already been submitted to the government for consideration.
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