Changes made to procedure for purchasing housing by renting


March 16, Fineko/abc.az. The Azerbaijan Mortgage & Credit Guarantee Fund has made appropriate changes to the procedures and rules for providing residential premises for rent to citizens of the country with the obligation to sell them.

ABC.AZ was informed at the AMCGF that the changes provide for further easing of the conditions for assessing income, the possibility of long-term repayment for an applicant who submits an application together with an older family member, as well as the use of a housing rental mechanism for stable taxpayers.

In accord with the changes, positive assessment of the credit history no longer requires from the applicant “not to have overdue obligations for more than 90 days during the entire credit history.”

Under another change, only the applicant's age will be taken into account when determining the maximum term for a lease agreement with an obligation to sell the rented housing to an applicant who applies with a family member.

By Elmir Murad