Azerbaijani Ombudsman proposed to abolish initial payment for preferential mortgage loan

Baku. 27 February. REPORT.AZ/ Commissioner for Human Rights (Ombudsman) of Azerbaijan proposed to increase the amount of a preferential mortgage loan in accordance with the actual demand in the property market.Report informs it is stated in the report of the Commissioner for Human Rights (Ombudsman) for 2014.

The document notes that the initial payment on your mortgage paid by young families, should be reduced to a minimum, or even canceled, the time of payment of the loan should be increased, reduced interest rates, and a list of persons who are able to obtain preferential mortgage loans should be expanded.

According to the Ombudsman, in order to implement the above, the amendments to the Rules of granting preferential loans in the Republic of Azerbaijan approved by the Decree of the President of Azerbaijan Republic №515, dated January 23, 2007 should be amended.