Mortgage terms amended

As APA reports, the Cabinet approved the draft and it will pass to the President.

The Cabinet Finance and Credit Policy officer Ogtay Hagverdiyev told APA that the amendments envisage increase of the mortgage amount to AZN 50 000 from 30 000, the amount of social mortgage to AZN 35 000.
The term of mortgage will rise to 25 years from 15 years, the social mortgage to 30 years. The interest rate of mortgages will fall to 8% from 12%, and the social mortgages to 4% from 8%.

AMF has started allowing a mortgage since March 1 through its 15 authorized banks. Bank Standard was the first to allow mortgage.

AZN 26 mn was planned for mortgaging in the State Budget.