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Azerbaijan to apply mortgage guarantee mechanism for population with low personal savings

Azerbaijan to apply mortgage guarantee mechanism for population with low personal savings
The mechanism of guarantee enabling the population with low personal savings to obtain a living space through a mortgage loan with lower initial payment is ready to be applied.
 
This is according to the 2017 report on the activity of Mortgage and Loan Guarantee Fund OJSC.

It was noted that the international experience has been studied within the framework of the agreement on joint cooperation with the World Bank. Draft guarantee rules have been worked out with the participation of World Bank experts. Also, a model of risk management and a relevant mechanism have been developed.

The mortgage guarantee mechanism is expected to be introduced in the first quarter of 2018.

"The introduction of the guarantee mechanism will facilitate acceleration and simplification of mortgage lending, as well as optimal management of financial risks," the report said.


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