In November, the mortgage rose by 0.38 %

BAKU/14.01.14/TURAN : Authorized banks of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan, issued within 11 months of 2013 loans totaling 96.4 million AZN, which is 34.9 million or 56.7% more than in January - November 2012 .

According to the Azerbaijani Central Bank , the average lending rate from the beginning of the year decreased by 0.11 percentage points , and in November rose by 0.38 per cent up to 6.89 %. The average loan term with respect to the previous month fell to 277 months.

The average monthly payment for the reporting month rose by 2.5 % and for 11 months - by 0.6% to 319.6 manat, while the same indicator for the amount of loans issued in November fell by 8.8% to 39.33 thousand manats.

Centralized mortgage lending started in Azerbaijan in March 2006 , but in June 2007 due to lack of funds mortgage lending was suspended until the summer of 2009. After that, the state began to finance social mortgage, for which the state budget allocated 40 million manat in 2013. This year's funding will be the same .

Commercial mortgages are financed through the issuance of bonds of AMF. For these purposes, in 2009-2013, Mortgage Fund places seven emissions of AZN 55 million, AZN 75 million, AZN 60 million, AZN 20 million, AZN 30 million, AZN 40 million and AZN 20 million. Last issue was fully placed at the end of December last year, and the new fund has not yet been announced.

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