Issuance of Mortgage to Be Transparent

Azerbaijan will create a system of e-mortgage on the portal e-government, which allows obtaining soft mortgage loans.

Yesterday a decree was signed by the head of state "On some issues of mortgage lending," the action of which will start on January 1 next year. Prior to that date preparatory work will be carried out.

According to the document, already approved are statutes of Azerbaijan Mortgage Fund, previously under the control of the former Central Bank of Azerbaijan, as well as the procedure for issuing a mortgage with its funds. The decree notes that the electronic mortgage must contain information on the conditions and the list of documents required for obtaining a mortgage, have a mortgage calculator program for pre-identifying opportunities of the mortgage loan recipient, provide information on the amounts paid for services of every authorized bank by the mortgage loan recipient and for services of each authorized appraiser. In addition, it should provide an opportunity for the electronic application for registration and obtaining a mortgage credit and determining the appropriate time for the procedure. In addition, the system should provide for the creation of an electronic cabinet for a person to apply for a mortgage loan, as well as conditions for electronic payment.

Creation of the system and its activities are assigned to the JSC Azerbaijan Mortgage Fund. Responsible for the creation of the system is the Cabinet of Ministers and the Ministry of Communications and High Technologies of Azerbaijan. --17D-