Fifty-two Mortgage Loans Issued in November

The issuance of mortgage loans through Azerbaijan Mortgage Fund (AMF) has been resumed. According to the Fund, in November, the agent banks allocated AZN 3.19 million within 52 queries. Recall that from May to November, mortgage loans were not issued at all, and it was the only period of stagnation since 2006.

A new procedure for issuance of mortgage loans was approved in June of this year. According to the rules, the preferential mortgage is for a maximum of 30 years (it was 25) at 4% per annum, and the usual mortgage is from 3 to 25 years at 8% per annum, and only in manat (AZN). The maximum loan amount is determined by the AMF and shall not exceed the cost of housing repairs with an average area of ​​100 square meters in the seventh Baku city zone (from the subway station January 20 to the Narimanov district boundaries).

The amount of a soft loan for housing is at a level of up to 85% of the cost of the housing purchased at the time of the crediting - normally from 75 to 85%. Every month the borrower not older than 35-40 years (depending on the maturity of the debt) and in the presence of a life insurance contract pays no more than 70% of the net income.

The category of beneficiaries includes members of families of war victims, National Heroes of Azerbaijan, or their families, displaced persons, scientists with academic ranks, honored athletes, military and civil servants who have served at least 3 years, as well as teachers of secondary schools with experience of at least 5 years. They have a right to receive a preferential credit only once.

On the results of last year, 97.2 million manat was issued for these purposes. In general, since the beginning of mortgage crediting lending agencies have provided 18,049 people with about 734 million AZN.

Authorized agencies of AMF are 19 banks, 15 insurance companies and 2 appraisers. -- 17D-