Azerbaijan Mortgage Fund Allocated 4.2 Million Manat under Special Lending in January

Azerbaijan Mortgage Fund (AMF) in January this year allocated 4.2 million manat (+800,000 or +23.5% from the previous year) to banks - agents under a special lending.

In addition, as stated in the report of the Central Bank (CBA), the AMF in January refinanced loans worth 5 million manat. In the same month, it placed bonds worth 3 million manat.

Mortgage Fund in March 2006 began to issue loans. Issuance of social mortgage in Azerbaijan began in 2007 and lasted for 6 months.

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, and a loan is granted at a rate of no more than 8% per annum.

Funded from the state budget is only social mortgage. Its maximum size is 50 thousand manat at a rate not more than 4% per annum.

In 2014 banks - agents of AMF issued loans amounting to 97.1 million manat, which is 14% less than the record (110,700,000. Manat) index of 2013. --17D-

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