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Mortgage Lending by the AMF in January-May Became Cheaper
Authorized banks of the Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan issued within 5 months of this year, loans of 49.5 million manat, which is 17.8 million or 56.2% more than in January-May 2012.
According to the Central Bank of Azerbaijan, the average lending rate first year decreased by 0.05 percentage points to 6.95%. The average credit period decreased 277 months.
The average monthly payment increased by 1.3% to 321 manat, while the rate in the amount of loans increased by 0.5% to 38.923 million manat.
AMF agents are 27 local banks. 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 -
Economics
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