The Government has increased the projected level of social mortgage lending through the Azerbaijan Mortgage Fund (AMF). As stated in the presentation of the Ministry of Finance, in the next year costs from the state budget for this position are provided at the level of 50 million manat (for two years in a row the figure was 40 million AZN).
The Finance Ministry said that the total amount of allotted funds for this line in 2016 will amount to 266 million manat.
AMF in March 2006 began to issue mortgage loans. Issuance of social mortgage in Azerbaijan began in 2007 and lasted six months.
AMF from 1 June 2009 resumed the process of mortgage loans on commercial terms through 28 agent banks. In this case, on commercial terms mortgages are issued by funds raised from the issue of the Fund’s own bonds.
Funded from the state budget is only social mortgage (money is given exclusively in manat only to citizens of the country). Its maximum size is 50,000 manat and the rate is not more than 4% per annum.
Mortgage loans on commercial terms and conditions are issued for a period of 3 to 25 years, the maximum loan must not exceed 50,000 manat, and a loan is granted at the rate of not more than 8% per annum.
In 2013, the volume of mortgage lending by AMF amounted to 112.9 million manat. --17D-
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