TODAY.AZ / Business

AMF amends mortgage lending procedure

04 April 2007 [19:26] - TODAY.AZ
Azerbaijan Mortgage Fund (AMF) has amended mortgage loan lending mechanism.

By the decision of the board of National Bank on the basis of proposals set forth by the AMF Management Board, the amendments cover lending procedure simplification.

Under the amendments, every citizen can borrow a mortgage loan once as an individual mortgagor and one and the same citizen can borrow another mortgage loan for the second time as a joint mortgagor (as a family member).

The homebuyers can use the document proving his ownership to the apartment as a security (collateral) if the apartment is in a old building, and can use another apartment as a security if the apartment is in a newly constructed building.

The amendments also simplify the procedure for registration of the mortgaged property paperwork.

The AMF has 23 authorized banks, 11 insurance companies, 10 appraiser agencies and a broker to lend loans through. APA-Economics

URL: http://www.today.az/news/business/38828.html

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