Date set for sale of first preferential apartments

By Azernews

By Kamila Aliyeva

The date of the beginning of the sale of apartments in five buildings of the Yasamal residential complex in Baku, the first project of the State Agency for Housing Construction, was disclosed.

The sale of apartments in housing complex will start on September 5 at 11 am and will last till December 5.

The purchase of apartments on the balance of the State Agency for Housing Construction is carried out through the “Güz??ttli m?nzil” (Preferential housing) electronic system on the e-government portal (www.e-gov.az). The right to purchase an apartment is obtained only by citizens who opened their cabinets in the “Güz??ttli m?nzil” electronic system.

The State Agency brings to attention that citizens who have an electronic cabinet have equal rights in the choice of apartments, regardless of the date of registration or the serial number. The rules of using the system are discussed in detail with video and text explanations on the websites www.mida.gov.az and www.mida.az.

As many as 324 apartments were put up for sale. In accordance with the rules approved by the decree of the President of Azerbaijan from November 16, 2016, the cost of selling apartments offered to citizens on preferential terms is determined below the average market price established by the Azerbaijan Mortgage and Credit Guarantee Fund.

The price of one-room apartments starts from 29,925 manats ($17,602), the price of two-room apartments - from 47,282 manats ($27,812), the price of three-room apartments - from 65,626 manats ($38,602).

Previously, the sale of 260 apartments in the social housing complex started was announced on May 7.

However, due to a technical malfunction caused by the massive number of users and transactions on the portal and the Güz??ttli m?nzil electronic system, the sequence of the electronic signing procedure and the process of choosing housing were disrupted.

After investigating the reasons for the failure by the relevant commission, it was decided to cancel the results of the distribution of 260 apartments from May 7 and re-run the process to ensure fair, transparent and equal trades. For the past period, the construction of the last house was fully completed.

A preferential mortgage is issued only in the Azerbaijani manat and given to citizens of the country. The amount of the monthly payment for the preferential mortgage was also determined.

In case of purchase of housing on a preferential mortgage (for 30 years with a 4 percent rate at 10 percent down payment), the monthly fee for 1 room apartment will be 129-136 manats, 2 rooms apartment - 203-236 manats, 3 rooms apartment - 282-288 manats.

At a one-time full payment by a citizen of the cost of housing at the expense of own funds, a 10 percent discount is applied. In this case, the cost of 1 room apartment will be 26,932 manats, 2 room apartment – 42,554 manats, 3 room apartment – 59,063 manats.

There are two types of product, including social [maximum period 30 years] and standard mortgage [maximum period 25 years], while the annual interest rate on services amounts to 4 and 8 percent respectively. Mortgage is given only for an apartment or private house and its amount should not be more than 80 percent of the market price of the property.  Mortgage payments cannot exceed 70 percent of borrower’s total monthly income.

Every family/person who is entitled to use social mortgage loans can use these concessions only once.

All interested persons can find information about the exact area of each apartment (and rooms), prices, operating benefits and additional discounts, agent banks, and make the appropriate calculations by means of a mortgage calculator and a calculator preferential housing on the website of the Yasamal housing complex www.yasamal.mida.az.

The second project on construction of social houses will also be implemented in the capital city. Within the second project, houses are planned to be constructed in Surakhani district, near Hovsan settlement and cover an area of some 20 hectares.