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Sales of first social housing in Baku started

07 May 2018 [15:38] - TODAY.AZ

By Azernews


By Sara Israfilbayova

The sale of apartments in the social housing complex in the Yasamal district of Baku has started on May 4.

The State Housing Construction Agency (MIDA) under the President of Azerbaijan reported that 260 apartments are being put up for sale in buildings No. 1, 2, 3 and 4. The process will last until 10:00 August 7, 2018.

The right to purchase apartments have only citizens who have received an electronic cabinet in the “Preferential housing” system. All citizens who received an electronic cabinet in the “Preferential housing” system are equal in the choice of apartments, regardless of the date of registration and the serial number of the office.

In accordance with the rules approved by the decree of the President of Azerbaijan from November 16, 2016, the cost of selling apartments offered to citizens on preferential terms is determined below the average market price established by the Azerbaijan Mortgage and Credit Guarantee Fund.

The price of one-room apartments starts from 29,925 manats ($17,602), the price of two-room apartments - from 47,282 manats ($27,812), the price of three-room apartments - from 65,626 manats ($38,602).

A preferential mortgage is issued only in the Azerbaijani manat and given to citizens of the country.

There are two types of product, including social [maximum period 30 years] and standard mortgage [maximum period 25 years], while the annual interest rate on services amounts to 4 and 8 percent respectively.

Mortgage is given only for an apartment or private house and its amount should not be more than 80 percent of the market price of the property.  Mortgage payments cannot exceed 70 percent of borrower’s total monthly income.

Every family/person who is entitled to use social mortgage loans can use these concessions only once.

All interested persons can find information about the exact area of each apartment (and rooms), prices, operating benefits and additional discounts, agent banks, and make the appropriate calculations by means of a mortgage calculator and a calculator preferential housing on the website of the Yasamal housing complex www.yasamal.mida.az.

The second project on construction of social houses will also be implemented in the capital city. Within the second project, houses are planned to be constructed in Surakhani district, near Hovsan settlement and cover an area of some 20 hectares. 

URL: http://www.today.az/news/business/169771.html

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