In June, Mortgage Lending Continued to Decline

Authorized banks of the Azerbaijan Mortgage Fund (AMF) issued in June 2013 the population of mortgage loans of 13.89 million manat compared to 15.21 million manat in May.

According to the AMF, the reported month fund refinanced loans totaling 7.33 million manat. The total amount of refinancing from the beginning of the year amounted to 35.64 million manat.

From 2006 through the Fund issued mortgages worth 477.85 million manat, including the beginning of the year to 61.16 million manat. Of these, 39% were aged between 18-29 years, 33% - at the age of 30-35 years and the remaining 28% - at the age of 36 years or more.

Today, the government finances the only social mortgage, for which needs of the state budget in the last two years was allocated 20 million manat. In 2013, the social mortgage will be allocated twice as much. Half of these funds have already received the AMF.

Commercial mortgage financed through the issuance of bonds AMF. For these purposes during 2009-2012 Mortgage Fund places five issues for AZN 55 million, AZN 75 million, AZN 60 million, AZN 20 million and AZN 30 million manat each. In December last year there was officially registered the prospectus of interest-entry registered bonds secured by the fund in the amount of 40 million manat. From the last issue of the fund of funds placed at 31 million manat.

Mortgage loans are issued to citizens of Azerbaijan in the amount of up to 50,000 manat for up to 25 years at a rate no higher than 8%. Concession loans are granted at a rate of up to 50,000 manat for up to 30 years at a rate of 4% per annum. - 15V -