Mortgage Fund borrows AZN 20 million to liven the market

State Committee for Securities registered the issue prospectus on Monday secured non-documentary registered interest bonds of the Azerbaijan Mortgage Fund under the Central Bank in the amount of 20 million manat. The nominal value of one bond is 1,000 AZN.

The current edition will be the seventh in a row for the AMF after June 2009, there was renewed system of centralized mortgage lending. The volume of the first issue of seven-year covered bonds amounted to 55 million manat, the second issue of 10-year unsecured bonds - 75 million manat, the third issue of seven-year secured bonds - 60 million manat, the fourth issue of 7-year percentage of covered bonds - 20 million manats fifth issue of 10-year interest- secured bonds - 30 million manat, the sixth issue of 10-year interest- secured bonds - 40 million manat.

AIF uses the borrowed funds in the market to refinance mortgage loans to its authorized banks. In addition, each year 20 million manat was allocated from the state budget for the preferential mortgage refinancing loans. In 2013, the social mortgage was sent twice as much.

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. - 15B -