Low-income families to be able to get mortgage loans

Sat 13 January 2018 07:36 GMT | 11:36 Local Time

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Work has been completed on the introduction of a mechanism for guaranteeing mortgage loans, which will allow low-income families to take a mortgage with a lower start-up fee.

Oxu.Az reports with reference to OJSC Mortgage and Credit Guarantee Fund that within the framework of the cooperation agreement with the World Bank, a draft of appropriate rules for issuing guarantees has been prepared.

A basic model and an appropriate risk management mechanism have also been formed. The guarantee mechanism of mortgage loans is planned to be introduced in the first quarter of 2018.

The application of the guarantee mechanism will allow to speed up and simplify the process of issuing loans, and will also pave the way for optimal management of financial risks.

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