Mortgage and Credit Guarantee Fund: About 54,000 families have improved their housing conditions

So far, about 54,000 families have been able to improve their housing conditions through long-term housing finance instruments (mortgage lending and rent with an obligation to sell) provided by the Mortgage and Credit Guarantee Fund (MCGF), Deputy Chairman Ramil Tahirov said in an interview with Report.

"The total amount of concluded mortgage credit contracts has exceeded 3 billion manats ($1.76 billion). In the last three years alone, more than 1.2 billion manats ($0.7 billion) were granted in mortgage loans, which allowed for improving the housing conditions of about 16,400 families.

70% of people and families who have improved their housing conditions through the Fund's housing finance instruments are young people. More than 35% of the mortgage loans issued according to the fund's requirements are preferential mortgage loans given to special categories of people in need of state support," he said.

"Besides all this, the Fund actively participates in state programs for improving housing provision of population in need of special support. Thus, within the framework of the implementation of the Presidental Decree on improving the social and housing conditions of the Heroes of the Patriotic War and their family members, the Fund handed over 84 apartments to the Ministry of Labor and Social Protection of the Population in 2021-2022," said the deputy chairman.

"At the same time, the MCGF supports the sale of apartments at the disposal of the State Housing Construction Agency (SHCA) through preferential mortgage lending. Since 2018, mortgage loans of more than 227 million manats ($133.48 million) have been given to 4,743 people for subsidized housing financing. About 80% of the apartments at the disposal of SHCA were sold through mortgage loans provided at the expense of the MCGF," added Tahirov.