Mortgage does Not Work for Five Months

As of November 1 the Azerbaijan Mortgage Fund (AMF) issued a total of 17,997 mortgage loans totaling 730 million 802.42 thousand manat.

The same indicators were at the beginning of June, that is, in the last five months no housing mortgage loan was issued. Two loans of 2,500 manat each were issued in May. In April two loans were issued in the amount of 93.02 thousand manat.

Recall, last year was more effective for borrowers – 2,146 loans totaling 97 million 273.98 thousand manat were issued.

Housing loans have been issued by the AMF since 2006, but the social segment (up to 50,000 manat under 4% per annum) has been virtually absent from the second half of 2007. Now the issuance of commercial mortgage loans (up to 50,000 manat under 8% per annum) is inhibited.

The reason is the lack of benefits from mortgage lending for the authorized financial institutions. They earn more from consumer (20 to 40% per year) and business (12 to 18%) credits.  --17D-

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