“One of the most problematic issues today is apartment ownership for young families. Citizens who want to buy an apartment, at best, use the preferential mortgage offered by the state. However, the mortgage conditions are often unprofitable. Moreover, young families do not belong to the preferential category. In addition, buying a house with a mortgage is not a suitable option for many families.”
Ramil Osmanli, a real estate expert, told Bakupost.az.
According to him, the mortgage includes special categories:
“The general conditions for a mortgage are that a young family’s income should be 1,200-1,300 manats. In addition, this income must be official. The number of families that meet this requirement is very small. What prevents people is that their official income is low or their official income exceeds the need criteria.”
The expert believes that in order to make apartment ownership affordable for people, it is necessary to relax mortgage conditions and increase the amount of the mortgage:
“The amount of mortgages should be increased. Discounted mortgages should be 250,000 manats and ordinary mortgages should be 350,000 manats. Certain concessions should be applied to the parts related to official income.”
