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-
Economics
-
Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
-
Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
-
The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
-
According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
Leave a review