Government mortgage lending amounts to over AZN 2B in Azerbaijan

To date, the Mortgage and Credit Guarantee Fund (MCGF) has issued just over 2 billion manats of loans to 36,817 borrowers, Report informs, citing MCGF.

Besides, so far, 262.633 million manats of business loans have been guaranteed, and 1,301 apartments have been sold as rentals.

The average age of those benefiting from the rental housing mechanism is 35, and more than 70% were young people and young families.

At the same time, in order to further facilitate the use and availability of rental housing for the population, the processes have been simplified this year, income assessment conditions have been further eased, and stable taxpayers have the opportunity to own a home through the mechanism.

The fund was established at the end of 2017 as a result of the merger of Azerbaijan Mortgage Fund and Credit Guarantee Fund and is their legal successor. The fund acts as a government agent providing liquidity support to national financial institutions to provide long-term subsidized mortgage loans and access to cheap financial resources.