Azerbaijani Central Bank prepares new mortgage programme

Azerbaijan, Baku, Sept. 6 / Trend A. Akhundov / The Azerbaijani Central Bank (CBA) has prepared a new mortgage programme and will submit it to the government soon, CBA chairman Elman Rustamov told media today. "First, we propose expanding the coverage of the social mortgage," he added. "The cost of housing which will be bought upon the social mortgage as well as its repair is very important. This problem is more important than the interest rates and initial fee. According to international experience, including neighbouring Turkey and Kazakhstan, we propose to connect the extension of social mortgage with the construction of economical and comfortable housing on the basis of a partnership between the private sector and the country." According to the CBA chairman, the main objective of the new programme on the social mortgage is to ensure automatic access to mortgages through the population's own savings. "This is the German model of construction savings banks," he added. "Our bill is ready and is included in the strategy. The terms of such a mortgage should be softer than those of the social mortgage." Do you have any feedback? Contact our journalist at agency@trend.az