TODAY.AZ / Business

Mortgage loan terms to change

18 July 2006 [18:50] - TODAY.AZ
A number of changes have been made to the terms of mortgage loans aiming to benefit young families and help solve the housing problem in Azerbaijan.

"First of all, the term of such credits will be extended from 15 to 25 years. Another change has to do with the initial payment, which has been set at 15%", Minister of Youth and Sports Azad Rahimov told reporters on Monday.

The annual interest rate on the loans remained unchanged at 12%.

President Ilham Aliyev is expected to issue a decree to enact the changes soon, the minister said.

According to AssA-Irada, citizens are allowed to borrow a maximum of 30,000 new manats (some $32,600). Those interested in buying apartments have to pay 30% of the value of the property in advance. Monthly installments made under the mortgage plan must not exceed half of the person's monthly income.

/AzerNEWS/

URL: http://www.today.az/news/business/28267.html

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