of January 23, 2007 No. 515
About enhancement of procedure for granting of mortgage loans in the Azerbaijan Republic
For the purpose of enhancement in the Azerbaijan Republic of mechanisms of providing citizens with living space by means of long-term mortgage lending, creation of procedure for granting by the state of soft mortgage loans to young families, and the military personnel of the Ministry of Defence of the Azerbaijan Republic (except the military personnel of urgent active duty) I decide:
1. Make the following changes to "The rule of provision of mortgage loans at the expense of means of Mortgage fund of Azerbaijan under National Bank of the Azerbaijan Republic", approved by the Presidential decree of the Azerbaijan Republic of December 22, 2005 No. 339 (Collection of the legislation of the Azerbaijan Republic, 2005, No. 12, Article 1108):
1.1. in Item 3.1.3 to replace number "15" with number "25";
1.2. in Item 3.1.4 of the word "150.000.000 manats (30.000 new manats)" shall be replaced with words "50.000 manats";
1.3. in Item 3.1.5 of the word "12%" shall be replaced with words "8%";
1.4. state Item 3.1.6 in the following edition:
"3.1.6. the credit amount shall not exceed 85% of market price the encumbered real estate mortgage for date of loan granting. If obligation fulfillment on mortgage loan is guaranteed by the Guarantee fund of mortgage loans (of at least 20% of credit amount), the credit amount can constitute 100% of market price the encumbered real estate mortgage.";
1.5. in Item 3.1.7 of the word "50%" shall be replaced with words "70%";
1.6. to exclude the words "life and working capacity of debtor, and also" from Item 3.1.13;
1.7. state subitem 4.12.6 in the following edition:
"4.12.6. the document confirming acquisition of living space at the expense of mortgage loan";
1.8. in Item 5.1.1 to replace number "60" with number "90".
2. Approve "Rules of provision of soft mortgage loans in the Azerbaijan Republic" (are applied).
3. Charge to the Cabinet of Ministers of the Azerbaijan Republic:
3.1. for the purpose of ensuring elimination further of the requirement to initial payment on mortgage loans and decrease at the same time in risks of the creditor to found the Guarantee fund of mortgage loans as non-profit organization with the status of the legal entity;
3.2. in a month to prepare with involvement of the relevant state bodies and to approve the draft of the Charter about the Guarantee fund of mortgage loans and to provide passing of state registration by it according to the legislation;
3.3. to submit within two-month term to the President of the Azerbaijan Republic offers on providing paramilitary groups with soft mortgage loans of the military personnel (except the military personnel of urgent active duty), except for the military personnel of the Ministry of Defence of the Azerbaijan Republic;
3.4. resolve other issues following from this Decree.
4. This Decree becomes effective from the date of its signing.
Azerbaijan Republic Ilham ALIYEV
Appendix Is approved by the Presidential decree of the Azerbaijan Republic of January 23, 2007 No. 515
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