Mortgage lending to increase

The mortgage terms were changed in November, reducing annual interest rates to 2% from 6%.

Besides, mortgage repayment period will be extended to 30 years, the amount of the first payment was reduced to 15% from 30%, the amount of the mortgage loan was increased to AZN 50 000 from AZN 30 000.

Previously the authorized mortgage providers of the Azerbaijan Mortgage Fund lent the mortgage loan at annual interest rate of 10%, but the interest rates are expected to be 6% after the amendments.

In total AZN 3m has been lent in Azerbaijan since March 1, a source in the government told APA.