Banks increased mortgage lending in February

Authorized banks of Azerbaijan Mortgage Fund (AMF) issued in February 2013, the population mortgages for AZN 5.72 million against AZN 1.7 million in January.

According to the AMF in the reporting month the fund was refinanced loans totaling $ 5.18 million manat. The total amount of refund from the beginning of the year amounted to 7.86 million manat.

Since 2006 the Fund issued mortgages worth 427.65 million manat, including the first year at 7.42 million manat. 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 state finances a social mortgage, for the needs of the state budget in which the last two years was allocated AZN 20 million. In 2013, the social mortgage will be sent twice as much money.

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

Mortgage loans are for Azerbaijani citizens up to 50,000 manat for up to 25 years at a rate no higher than 8%. Concession loans are up to 35,000 manat for up to 30 years at a rate of up to 4% per annum. - 15V -