|Maximum amount||150 000 AZN||100 000 AZN|
|Maximum annual interest rate||7%||4%|
|Maximum period||25 years||30 years|
|Minimum cost of living||180 AZN||180 AZN|
Terms of mortgages issued by the Azerbaijan Mortgage Fund:
- Mortgages are issued in Azerbaijani manats
- Mortgages are allocated only to citizens of the Republic of Azerbaijan
- Only flats or apartments can be an object of a mortgage
- The amount of a Regular mortgage cannot exceed 80% of the market price of the real estate involved to mortgage on the date of loan issue
- The amount of a Privileged mortgage cannot exceed 70% of the market price of the real estate involved to mortgage on the date of loan issue
- Monthly payment on a mortgage cannot exceed 70% of borrower’s (joint borrowers’) monthly income
- In order to maintain proper level of living of a borrower (joint borrowers’) and his (their) family the amount of regular payments is calculated considering 180 AZN (living minimum) for each family member
- On the last date of payment borrower should not exceed the retirement age defined by the legislation
- The real estate involved to mortgage is evaluated by the independent appraiser which is included in the list approved by the AMF and has signed an agreement on cooperation with the Bank
- Rights of the mortgagee are registered in an order prescribed by the legislation
- The principal amount and interest on loans are paid monthly in equal installments (annuity payment)
- The real estate involved to mortgage is insured based on its market price within the amount not less than the amount of the mortgage
- The life insurance of the borrower (joint borrowers) is provided by an insurance company which is included in the list approved by the AMF and has signed an agreement on cooperation with the Bank. The amount of borrower’s life insurance is calculated proportionally to his weighted income while the total amount of joint borrowers’ life insurance is calculated within the amount not less than the amount of the mortgage.
- Other requirements defined by AMF.
Privileged mortgages are intended for the following persons:
1. Members of young families described below:
1.1 Members of martyrs’ families (spouses, children);
1.2 National Heroes (spouses, children);
1.3 Refugees or persons with an equivalent status;
1.4 Persons employed in the public service for over 3 years and as well persons, involved into special types of public service ;
1.5 Persons who worked as a teacher in a secondary school for at least 5 years;
1.6 Persons holding a degree of Doctor of Philosophy;
1.7 Persons with outstanding athletic accomplishments (honorary workers of Physical Culture and Sports or athletic trainers, winners of national competitions (I place), medalists of international competitions (I, II and III places);
2. Persons holding a degree of Doctor of Science;
3. Persons, who worked at least 15 years at civil service;
4. Persons employed in the military service of the Republic of Azerbaijan for at least 3 years (excluding current conscripts), including persons in the reserve forces or retired from military service (excluding militaries retired or sent to reserve according articles 41.0.6, 41.0.7, 41.0.8, 41.0.10, 42.0.3, 42.0.4 and 42.0.5 of the Law of the Republic of Azerbaijan on “Military Service and Military Duty”).
5. Persons, who worked at least 3 years at internal affairs bodies and holding a special rank.