OMM Redaksiyası
To speed up the processing of rising numbers of applications under the rent-to-own housing mechanism, make their review and assessment more transparent, allow applicants to select homes on their assigned dates, and improve the electronic system’s functionality, the acceptance of applications under the mechanism will be temporarily suspended from Oct. 6, 2026.
The Mortgage and Credit Guarantee Fund told “Operative Information Center-OMM”.
The public will be given further information on when application intake will resume, the fund said.
The fund continues to implement the rent-to-own mechanism in accordance with Decree No. 488, signed by President Ilham Aliyev on Jan. 25, 2019. The mechanism aims to improve housing conditions for citizens who do not have sufficient personal savings.
From 2020 to 2026, fully renovated apartments in residential complexes at 17 locations in Baku, Sumgait and the Absheron District were offered to citizens under the mechanism. More than 10,000 rental agreements have been formalized to date.
The number of citizens seeking to use the rent-to-own housing mechanism has risen noticeably in recent months. More than 100 applications are now registered every day through the Electronic Mortgage and Credit Guarantee system. As a result, the number of registered applications with appointments scheduled far exceeds the number of homes available for selection in the housing stock, which is replenished as new rental properties become available.
The temporary suspension will not affect applications registered in the electronic system by that date, their queue positions or the procedures already underway. More than 12,000 citizens who have applied to use the mechanism have received appointment notices in their personal accounts. They can visit ASAN Kommunal No. 2 or the Sumgait ASAN Service center on the date stated in their notice to formalize their applications.
