Joyful news for those wishing to buy housing: capital increased

The Mortgage and Credit Guarantee Fund received significant financial strengthening - its authorized capital has been increased by 85 million manats and now amounts to 1 billion 153 million manats. The corresponding decree was signed by the President of Azerbaijan.

As reported by BAKU.WS, economist-deputy Vugar Bayramov shared information about the impact of this decree on citizens planning to purchase housing through a mortgage.

The deputy noted that the funds allocated from the state budget will be used to finance social mortgage loans:

"Practically every financial year, funds are allocated for providing preferential mortgage loans, and in the fall of the same year, these funds are added to the authorized capital.

In general, with the increase in the fund's authorized capital, it becomes possible to offer more mortgage loans. This also expands the portfolio of loans on preferential terms. Consequently, this means the possibility of obtaining a preferential mortgage loan for a greater number of our citizens.

To date, the fund has issued 54,918 mortgage loans. The amount of mortgage loans issued exceeds 3 billion 560 million manats," he said.