Electronic Mortgage System to be created on E-government portal
President of Azerbaijan Ilham Aliyev has signed the Decree on certain issues related to mortgage lending. According to the online news service "ICTnews", the Decree approved the Charter of Azerbaijan Mortgage Fund JSC.
Under to the Decree, the Cabinet of Ministers will implement the Electronic Mortgage System on the E-government portal with the view of providing the population of the country with mortgage loans, including preferential mortgage loans, at the expense of Azerbaijan Mortgage Fund. The system is to be launched on the portal on 1 January 2017.
The Electronic Mortgage System will ensure the availability of the list of documents required for obtaining a mortgage loan (preferential mortgage loan) and information on the terms of obtaining a mortgage loan (preferential mortgage loan), determination of the capabilities of a person wishing to obtain a mortgage loan with the use of the Mortgage Calculator Program, availability of information on each amount of payment a person wishing to obtain a mortgage loan is to pay to each authorized bank and evaluator.
Besides that, the system will enable a person wishing to obtain a mortgage loan to apply online to an authorized bank, appoint a suitable meeting time, obtain information which is required for receiving a mortgage loan and envisaged in Subparagraphs 7.2.1 - 7.2.7 of the Decree. (This information can be obtained from the documents of a person wishing to obtain a mortgage loan such as an ID card, certificate of marriage/divorce, employment certificate, income certificate, family composition certificate, income tax declaration, etc.).
At the same time, the system will make sure that authorized banks conduct unified and open registration of persons who have applied for a mortgage loan and make payments electronically.
Azerbaijan Mortgage Fund JSC will be responsible for the organization and operation of the Electronic Mortgage System.
The Ministry of Communications and High Technologies (MCHT) was also charged with a number of important tasks. Thus, according to the decree, MCHT will have to ensure the Electronic Mortgage System’s integration into the E-government portal and the transmission of data from the information systems of the relevant state structures to the system.
At the same time, MCHT will make sure that authorized banks obtain from the information systems of the relevant state structures information required for receiving a mortgage loan. Also, MCHT will provide its support to Azerbaijan Mortgage Fund in the organization and operation of the Electronic Mortgage System.
Additionally, the Ministry of Internal Affairs, Ministry of Justice, Ministry of Taxes, Ministry of Labor and Social Protection of Population, State Committee for Property Affairs and the Financial Market Control Chamber were tasked with providing support to Azerbaijan Mortgage Fund in the organization and operation of the Electronic Mortgage System.
Also, under the Decree, the Cabinet of Ministers will have to prepare and present to the President the draft regulations of the Electronic Mortgage System within two months and proposals on electronic registration and circulation of mortgage paper within a month.
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