The agent banks of the Azerbaijan Mortgage Fund (AMF) issued the aggregate of 15 829 mortgage loans in 2006-2014.
According to the information on the AMFwebsite, the volume of mortgage lending by the Fund during this period amounted to 632 463.54 thousand manat.
This structure was established in March 2006 and began to issue mortgage loans. Issuance of social mortgage (financed from the state budget, the maximum size being 50 000 manat at a rate not exceeding 4% per annum) began in 2007 and lasted for 6 months. AMF from 1 June 2009 resumed the process of mortgage lending on commercial terms via 28 agent banks. In this case, on commercial terms mortgage loans are issued through funds raised from the issue of the Fund's own bonds.
Mortgage loans on commercial terms are given in manat and only to Azerbaijani citizens. Loans are granted for a term of 3 to 25 years, the maximum loan must not exceed 50 thousand manat, a loan is granted at a rate of no more than 8% per annum.
For comparison, in 2013 the volume of mortgage lending from the AMF was 112,900,000 manat and in January-November 2014 - 88.6 million manat. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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