Azerbaijan Mortgage Fund (AMF) from February 2, 2015 launches "e-portal mortgage (www.e-ipoteka.az).
As said the fund, from that date citizens interested in obtaining mortgage loans from the AMF will be able to submit via the service in real-time application for a loan. Use of the new items is to create opportunities for individuals interested in obtaining mortgages, provide the convenience of the population, reduce the loss of time in the filing, increase transparency in mortgage lending and strengthen the mechanism of supervision by the Fund.
AMF was established in December 2005. Issuance of social mortgage 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, mortgage loans on commercial terms 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 citizens of the country for a period of 3 to 25 years. The maximum size of the loan should not exceed 50 thousand manat at a rate of not more than 8% per annum.
Funded from the state budget is only social mortgage. Its maximum size is also 50,000 manat, but at a rate of not more than 4% per annum.
AMF agent banks in 2006 gave 15,846 mortgage loans with total volume of 633 million 280.5 thousand manat from the Fund. --17D-
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