AMF reported for April

Authorized banks of the Azerbaijan Mortgage Fund (AMF) issued in April 2013 mortgage loans of 16.91 million manat compared to 7.74 million manat in March.

According to the AMF, the reported month fund refinanced loans totaling 8.35 million manat. The total amount of refinancing from the beginning of the year amounted to 20.40 million manat.

From 2006 through the Fund there have been issued mortgages worth 448.75 million manat, including AZN 32.06 mln since the beginning of the year. Of these, 41% were aged between 18-29 years, 31% - at the age of 30-35 years and the remaining 28% - at the age of 36 years or more.

Today, the government finances the only social mortgage, for which the state budget in the last two years allocated 20 million manat. In 2013, the social mortgage will be allocated twice as much. Half of these funds have already received by the AMF.

Commercial mortgage is financed through the issuance of bonds AMF. For these purposes during 2009-2012 Mortgage Fund places five issues for AZN 55 million, AZN 75 million, AZN 60 million, AZN 20 million and AZN 30 million each. In December last year there was state registration of the prospectus of interest-entry registered bonds secured by the fund in the amount of 40 million manat. From the last issue there was placed AZN 14 million.

Mortgage loans are issued to citizens of Azerbaijan in the amount of up to 50,000 manat for up to 25 years at a rate no higher than 8%. Concession loans are granted at a rate of up to 50,000 manat for up to 30 years at a rate of 4% per annum. - 15V -