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Azerbaijan's Mortgage, Credit Guarantee Fund reveals number of rent-to-own apartments

Finance Materials 17 September 2022 09:52
Baku, Azerbaijan Trend News Agency
Azerbaijan's Mortgage, Credit Guarantee Fund reveals number of rent-to-own apartments

As many as 2,326 citizens improved their living conditions as part of the rent-to-own system, the Press Service of Mortgage and Credit Guarantee Fund of Azerbaijan told Trend.

"As of September 16, the Fund has offered business loan guarantees and subsidies in the amount of 319.67 million manat ($188.04 million). A total of 40,281 borrowers were issued 2.269 billion manat ($1.3 billion) of mortgage loans," the press service said.

Only in the first half of 2022, the Mortgage and Credit Guarantee Fund of Azerbaijan leased 388 apartments to own them subsequently. The Fund has also provided business loan guarantees amounting to 34,264 manat ($20,155).

The Mortgage and Credit Guarantee Fund was established following the Presidential Decree in 2017 through the reorganization and merger of Azerbaijan Mortgage Fund OJSC and Azerbaijan Credit Guarantee Fund OJSC.

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