President Ilham Aliyev has signed an order on several issues of mortgage lending, including preferential mortgage credit at the expense of mortgage loans of Azerbaijan Mortgage Fund Open Joint Stock Company (OJSC).
Paragraph 4 of the order envisages creating of Electronic Mortgage System on e-Government portal for the purpose of lending mortgage loans, as well as preferential mortgage loans at the expense of OJSC and applying the system beginning from 1 January 2017.
The integration of Electronic Mortgage System into e-Government portal imposes a number of obligations on the Data Processing Center of the Ministry of Communications and High Technologies (MCHT), which is the operator of the portal. In accordance with Paragraph 7 of the order, the Ministry of Communications and High Technologies of the Republic of Azerbaijan shall perform the following tasks:
* To ensure the integration of Electronic Mortgage System into e- Government portal and the possibility of transmission of data from the information systems of relevant government bodies to this system;
*To provide the possibility for authorized banks to get following information required for obtaining mortgage loan and existing on information systems of government agencies through Electronic Mortgage System:
- Data on the document confirming the identity of a person wishing to obtain a mortgage loan;
- Data on certificate of marriage (or divorce) of a person wishing to obtain a mortgage loan;
- Data confirming the place of employment and income of a person (co-borrower) wishing to obtain a mortgage loan;
- Data on family composition certificate of a person wishing to obtain a mortgage loan;
- Income tax or a simplified tax return accepted by tax authorities;
- Data from the centralized credit registry;
- Address register information;
* To provide assistance to OJSC in organization and ensuring activities of the Electronic Mortgage System.
As a result, the integration of Electronic Mortgage System into e-Government portal will be provided. For this purpose, MCHT as operator of e-Government portal will provide transmission of data existing on information systems of relevant government agencies over the data base of e-Government portal to this system, as well as transmission of data existing on information systems of appropriate bodies to authorized banks via Electronic Mortgage System. In turn, this will significantly facilitate citizens’ applying for a mortgage loan. The user will be able to automatically formalize his documents for obtaining a mortgage loan through e-services that are close to him as his computer and not leaving home or office will forward them to the relevant bank 24 hours a day, 7 days a week.