By AZE.US
Azerbaijan’s Mortgage and Credit Guarantee Fund will temporarily stop accepting new applications for rent-to-own housing from October 6, while preserving existing registrations and applicants’ places in line.
The fund has not announced when new applications will resume. It said the pause was prompted by a sharp increase in demand and the need to improve the speed and transparency of application processing, ensure that applicants can select homes on their scheduled dates and expand the capacity of the electronic system, according to Report.
More Than 100 Applications a Day
More than 100 applications are now being submitted each day through the Electronic Mortgage and Credit Guarantee system. The number of registered applicants with scheduled appointments is several times greater than the number of apartments available for selection.
The suspension will not affect people who registered before October 6. Their queue positions and procedures already under way will remain valid.
More than 12,000 applicants have received appointment notices in their online accounts and may complete the required procedures at ASAN Kommunal Center No. 2 or the Sumgayit ASAN Service Center.
More Than 10,000 Contracts Since 2020
The fund said more than 10,000 rent-to-own contracts were signed from 2020 through 2026. Fully renovated apartments were offered in 17 residential developments in Baku, Sumgayit and the Absheron district. APA reported the same figures.
Applications are registered in real time through the electronic system and receive a queue number, according to the fund’s program information.
The rent-to-own program operates under a presidential decree signed by President Ilham Aliyev on January 25, 2019. It is intended to help citizens who lack sufficient savings to buy a home outright.