The minister assessed establishment of AMF OJSC as a next step in this sphere: “The first amendment regarding the AMF was related to that the AMF was operating as a body under the Central Bank of Azerbaijan. However, President’s decree also envisaged that the AMF will operate under the CBA. That’s this was a step for transition period. Thereafter, the Fund is planned to become a Joint-Stock company. This process was realized with the recent decree. At the same time, according to task given by the head of state to the Cabinet of Ministers and Central Bank, extra funds are planned to be allocated for extension of mortgage lending. I think works will be carried out on effective delivery of extra funds to the population through Azerbaijan Mortgage Fund OJSC”.
The minister also spoke about interest rates on mortgage lending: “Of course, we’ll try interest rates to meet the purchasing ability of the population. On the other hand, we must take into account the situation in the market. I think, relevant interest rates will be found out”.
Sharifov said that processes in the mortgage market will be on the focus and prices of houses will not be increased artificially: “We’ll try interest rates and prices of houses not to be high on the market. We must choose an average option. Therefore, the OJSC was established to quickly respond to the processes in the market and regulate them”.
The minister noted that steps are planned to be taken for increase of amount of mortgage loans. According to him, current mortgage model will remain, but measures will be taken to improve this model. However, Sharifov added that several amendments may be made in funding mechanism in this sphere.
Reduction of down payment on mortgage loans will also be considered.
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