E-mortgage system to be launched from August
By Amina Nazarli
The government of Azerbaijan has completed the integration of the e-mortgage system into its e-government portal, the Azerbaijani Mortgage Fund (AMF) reported on July 27.
From August 1 it will be possible to use the e-mortgage system through the e-government portal at www.e-gov.az.
“Individuals willing to use the AMF services should visit the e-government portal and apply for getting a loan online from August 1,” the AMF reported. “An electronic signature or an ASAN signature is needed for registration.”
The e-government portal is a key tool supporting the work with citizens and public and private enterprises. Integration of the e-mortgage system into the e-government portal will allow applying for a mortgage loan without going to the bank.
The new system is expected to facilitate Azerbaijani citizens to
get a loan, increase the transparency in allocation of mortgage
loans, as well as strengthen the control system of the fund.
One of the main objectives of the system is to minimize human
factor in the process of mortgage credits issuance, as well as
reduce the number of required documents. The system is also
expected to boost the efficiency in this sphere and widen the
access of the regions to the mortgage services.
Azerbaijan Mortgage Fund (AMF) has issued 19,242 mortgages as for June 7. The total sum of mortgage loans has amounted to more 808 million manats ($474.7 million).
The AMF currently provides two types of product, including social [maximum period 30 years] and standard mortgage [maximum period 25 years], while the annual interest rate on services amounts to 4 and 8 percent respectively.
Mortgage is given only for an apartment or private house and its amount should not be more than 80 percent of the market price of the property. Mortgage payments cannot exceed 70 percent of borrower’s total monthly income.
In 2017, some 50 million manats ($29.4 million) are allocated from the state budget to finance social mortgage through the AMF. The same amount was allocated in 2016.
The formation of e-government in Azerbaijan is considered to be one of the important tasks of the National Strategy for information and communications technologies for the development the country.
The e-government portal was launched in Azerbaijan in 2013. Since then state institutions have been establishing e-service sections on their websites. The portal offers approximately 400 e-services through 45 government agencies. Over one million citizens are active users of e-services of the state agencies. Moreover, the e-government portal also allows for the provision of e-services to citizens of foreign countries.
All services provided by the Azerbaijani government agencies are expected to be online by 2020.
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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli
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