Mortgage lending rules changed in Azerbaijan

The mortgage lending rules have been changed in Azerbaijan. According to amendments, the required initial sum for mortgage loan has been increased from 15% to 20%. According to official site of AMF, a family was banned to take mortgage credit more than once.

According to amendments to Standard Requests, the debtor taken the mortgage loan can’t participate as joint debtor when his/her wife/husband takes a mortgage loan. Reportedly, this is  to prevent the person earning high salary to take mortgage loan more than once.

The limitation doesn’t belong to relatives, parents, sisters or brothers. Remind that, several limitations for decrease of risks were applied some months ago. According to the amendments, it’s not allowed to sell and buy the house from mother-in-laws, father-in-laws, sister-brother and grandpa-grandma through mortgage loan.


/APA/