Azerbaijan updates mortgage rules and implements biometric identification

The Mortgage and Credit Guarantee Fund in Azerbaijan has introduced changes to mortgage lending regulations to increase transparency and prevent misuse. Under the new rules, individuals renting residential property through the state-sanctioned mechanism where living spaces are sold upon obligation are ineligible to act as primary borrowers for mortgage loans.

To enhance security, the Fund will implement facial recognition technology via the SIMA digital signature during the application process. This biometric identification is intended to prevent unauthorized access, fraud, and the use of specialized software to manipulate applications. Instructions for the new process have been published on the MyGov portal.