Mortgage to be terminated in these cases

In Azerbaijan, the mortgage will be terminated if the mortgage holder refuses from the claim or mortgage.

city.az reports that the relevant matter was reflected in the proposed amendment to the Law on Mortgages, discussed at today’s Milli Majlis meeting.

The change expands the cases of mortgage termination.

Last year, Azerbaijan recorded an increase in the number of mortgage loans given by 1.8%. Authorized banks of the Azerbaijan Mortgage & Credit Guarantee Fund gave 5,600 mortgage loans, including 3,900 ordinary and 1,700 preferential loans.

After discussion, the amendment was put to the vote and adopted in the 3rd reading.