Mortgage loans for AZN 174 million given for 2019


January 16, Fineko/abc.az. Substantial simplification and full automation of the process of mortgage loan giving have laid the foundation for the formation of high demand among the population for such loans, the Mortgage & Credit Guarantee Fund informs.

Thus, in 2019 the MCGF authorized banks received 7,096 mortgage loan applications for totally AZN 503 million and gave 2,652 mortgage loans for AZN 174 million. Last year it was given 1,390 subsidized mortgage loans for AZN 80 million.

The Fund gives ordinary mortgage loans from domestic financial markets, and subsidized mortgage loans from State Budget financing. In 2019 the MCGF refinanced mortgage loans in the total amount of AZN 226.5 million (3,398 mortgages).

As a whole, the total amount of mortgages given at the expense of the MCGF in 2006-19 amounted to about AZN 1.39 bn, and the number of families who improved their living conditions due to those loans reached 27,883. More than AZN 436 million (8,839 mortgages) of those loans were loans given to subsidized category persons. About 70% of mortgage loan recipients were young people and young families, and about 20% of mortgage loans were given in the districts of Azerbaijan.

By Elmir Murad