AMF submits Government proposals on amendments to mortgage terms

A source in the Government told APA that the proposed amendments envisage availability of mortgage to all classes of citizens; that is the mortgage term might be raised to 25 years from 15 years and the advance payment might be reduced to 15 percent from 30 percent.

Besides, the decrease of the number of documents is also proposed to be reduced.
1000 persons are expected to take out a mortgage by this year's end. But only 86 persons have taken out a mortgage since March-start-up of the issuance. Mortgages given up to Early September stood at AZN 1.7mn. Only 6 persons from the regions received a mortgage (2 in ganja, 2 in Sumgait, 1 in Mingechevir and 1 in Guba).

The State Budget for 2006 envisages AZN 26mn for the mortgages.