BAKU, Azerbaijan, March 8. Given the current market conditions, it would be prudent to raise the maximum amount for preferential mortgage loans from 100,000 manat ($58,823) to 150,000 manat ($88,235), said Vugar Bayramov, a member of the Azerbaijani Parliament, Trend reports.
Speaking during today’s plenary session, Bayramov noted that an additional 100 million manat ($58.8 million) will be allocated from the state budget this year for mortgage loans.
“These funds from the state budget are mainly used to finance social mortgages. In 2025, about 5,000 Azerbaijani citizens will be able to purchase housing through these mortgage loans,” he added.
The MP also emphasized that the preferential loans are offered with a term of 30 years at an interest rate of four percent, with a maximum loan amount of 100,000 manat ($58,823).
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