In February, AMF agents intensified

Authorized banks of the Azerbaijan Mortgage Fund (AMF) issued in February 2014 mortgages of 10.3 million manat, which is three times more than the previous month.

According to the Central Bank of Azerbaijan, in the reported month fund loans totaling 8.2 million manat were refinanced, compared to 9.9 million manat in January.

All the AMF mortgage loans have totaled approximately 545 million manats.

Centralized mortgage lending started in Azerbaijan in March 2006, but in June 2007 due to lack of funds lending was suspended until the summer of 2009. After the resumption of lending the state has financed social mortgage. This year, for this purpose the budget will allocate 40 million manat, the same amount as in 2013.

Regular mortgages are financed through the issuance of bonds by AMF. For these purposes, in 2009-2013, AMF placed seven emissions of 55 million AZN, 75 million AZN, 60 million AZN, 20 million AZN, 30 million AZN, 40 million AZN and 20 million AZN. The new issue of securities in the amount of AMF 40 million passed state registration at the end of January 2014. Today the Mortgage Fund has spaced 15 million manat of this issue.

AMF agents are 28 local banks. Mortgage loans are issued to citizens of Azerbaijan in the sum up to 50,000 manat for up to 25 years at a rate no higher than 8% per annum. Concession loans are up to 50 manat for up to 30 years at a rate of 4% per annum. – 15B-