BAKU, Azerbaijan, September 7. Allocations will be made from the state budget of Azerbaijan in the relevant years to increase the authorized capital of the Mortgage Credit Guarantee Fund to finance preferential mortgage lending for military personnel, TurkicWorld reports.
This issue is reflected in the amendment made by President Ilham Aliyev’s decree to the "Regulations on the Electronic Mortgage and Credit Guarantee System.".
According to the decree, the Ministry of Defense has the following responsibilities for providing state financial support for preferential mortgage loans issued to military personnel:
- obtaining the necessary information to provide financial support.
- informing the individual seeking a mortgage loan on the day a decision is made to provide financial support.
- providing information to the Mortgage Credit Guarantee Fund and the authorized bank in the event of cessation or resumption of financial support.
- utilizing relevant statistical data and reports within the electronic system.
The Ministry of Finance of Azerbaijan was tasked with:
- based on the Ministry of Defense's proposals, allocating funds in the state budget for the relevant years to provide financial support in line with this decree's regulations and disbursing these monies to the Ministry of Defense;
- allocating funds from Azerbaijan's state budget in relevant years to expand the Mortgage Credit Guarantee Fund's allowed capital to finance preferential mortgage loans for military personnel as defined in the approved Regulations.
The Mortgage Credit Guarantee Fund was instructed to take necessary measures to address the issues arising from this decree.
Established in November 2005 in Azerbaijan, the Mortgage Credit Guarantee Fund manages mortgage lending, guarantees loans, purchases residential areas, organizes an electronic mortgage and credit guarantee system, controls loan underwriting, and allocates funds according to their designation, issues bonds and attracts other investments to offer mortgage lending liquidity, enhance the Fund's activity, and increase efficiency and reliability, provides mortgage lending consulting, information, and other services, as well as study programs for banks, insurers, and appraisers, and provides debt, risk, and management consulting for startups.
