President Aliyev to issue decree on social mortgage lending

Sport and Youth Minister Azad Rahimov told APA that the President took the initiative to implement social mortgage lending and the Cabinet was ordered to dork out a blueprint.

The commission composed of the National Bank and Finance Ministry representatives and headed by Premier Artur Rasizade developed such a draft and submitted it to the President.

"The documents are being processed at the President's Office. Privileges of social mortgage system are very attractive and favorable for the youth. The interest rates will be reduced, payment period will be extended, advance payment will be cut up to 15% of the mortgage loan, and application process will be simplified by twice," he said.

He said that annual interest rates will be set at 4% or 5%. "The exact rate will be known after the presidential decree," he underscored.