(MENAFN – Trends News Agency)

BAKU, Azerbaijan, January 17

By Nazrin Israfilova – Trending:

The volume of mortgages issued through the Azerbaijan Mortgage and Credit Guarantee Fund (MCGF) exceeded two billion manats ($1.18 billion) as of Jan. 13, the fund told Trend.

According to the MCGF, nearly 37,000 families in Azerbaijan have purchased housing under the mortgage loan mechanism, which has been operating since 2006.

Currently, one of the main objectives of the fund is to improve housing delivery mechanisms. Over the past 15 years of operation of the mortgage credit system, an effective and efficient mechanism for financing population groups that need to improve their living conditions, thanks to the constant support of the state, has been formed.

The maintenance of preferential interest rates on mortgage loans, the introduction of preferential mortgage programs for people who have rendered special services to the country, determined the success of this mechanism as a state social program, has indicated the fund.

Nearly 70% of mortgage recipients are young people and young families, the fund added.

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