The Rule of Procedure for the Acquisition of Citizens' Affordable Housing by the State Agency for Housing Construction under the President of the Republic of Azerbaijan approved by the Presidential Decree No. 1113 dated 16.11.2016 provides citizens with a number of privileges.
One of the main concessions is that the lower the average market price on the land where the discounted flats will be sold by the State Agency for Housing Construction, which governs this Regulation, the better the living conditions of the population. At the same time, it is possible to get a discounted mortgage on a discounted flat for renovated apartments with full furniture and kitchen furniture. The discounted mortgage loan provided by the Azerbaijan Mortgage Fund at the expense of the Open Joint-Stock Company for a term of up to 30 years is 4% and the initial payment is 10% of the sale price.
According to the mentioned Rules, citizens entitled to affordable housing may benefit from discounted mortgage loans through agent banks, which are included in the list of authorized banks of "Azerbaijan Mortgage Fund" OJSC, an affiliate with "MİDA" LLC.
Within the past period, the Agency has appealed to 25 authorized banks of Azerbaijan Mortgage Fund OJSC for the purpose of providing these conditions to the citizens. “Kapital Bank” became the first credit organization to provide the required documents by confirming its intention to cooperate with "MİDA" LLC.
“Kapital Bank” OJSC, which serves a wide range of corporate and retail banking products in Azerbaijan, signed an cooperation agreement with “MİDA” LLC on 19.07.2017.
“Kapital Bank”, one of the largest banks in Azerbaijan's banking sector, is one of the largest financial institutions in the banking sector. Kapital Bank's service network, serving more than 3 million individuals and more than 22,000 legal entities, covers the whole country with 92 branches and 7 departments. At the same time, Kapital Bank has extensive experience in the implementation of state social programs.
The State Agency for Housing Construction, which considers citizen satisfaction as its main indicator in its activities, continues to work efficiently with experienced and reliable partners.