(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 7. Allocations will
be made from the state budget of Azerbaijan in the relevant years
to increase the authorized capital of the Mortgage Credit Guarantee
Fund to finance preferential mortgage lending for military
personnel, Trend
reports.
This issue is reflected in the amendment made by President Ilham
Aliyev's decree to the "Regulations on the Electronic Mortgage and
Credit Guarantee System.".
According to the decree, the Ministry of Defense has the
following responsibilities for providing state financial support
for preferential mortgage loans issued to military personnel:
- obtaining the necessary information to provide financial
support.
- informing the individual seeking a mortgage loan on the day a
decision is made to provide financial support.
- providing information to the Mortgage Credit Guarantee Fund
and the authorized bank in the event of cessation or resumption of
financial support.
- utilizing relevant statistical data and reports within the
electronic system.
The Ministry of Finance of Azerbaijan was tasked with:
- based on the Ministry of Defense's proposals, allocating funds
in the state budget for the relevant years to provide financial
support in line with this decree's regulations and disbursing these
monies to the Ministry of Defense;
- allocating funds from Azerbaijan's state budget in relevant
years to expand the Mortgage Credit Guarantee Fund's allowed
capital to finance preferential mortgage loans for military
personnel as defined in the approved Regulations.
The Mortgage Credit Guarantee Fund was instructed to take
necessary measures to address the issues arising from this
decree.
Established in November 2005 in Azerbaijan, the Mortgage Credit
Guarantee Fund manages mortgage lending, guarantees loans,
purchases residential areas, organizes an electronic mortgage and
credit guarantee system, controls loan underwriting, and allocates
funds according to their designation, issues bonds and attracts
other investments to offer mortgage lending liquidity, enhance the
Fund's activity, and increase efficiency and reliability, provides
mortgage lending consulting, information, and other services, as
well as study programs for banks, insurers, and appraisers, and
provides debt, risk, and management consulting for startups.
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