Mortgage lending fell in January 6 times - Central Bank

BAKU/13.03.14/TURAN : Authorized banks of the Azerbaijan Mortgage Fund (AMF) issued in January 2014 the population of mortgage loans for AZN 2.5 million , which is 6 times less than in December last year.

According to the Central Bank of Azerbaijan, in the reporting month the fund refinanced loans totaling 9.9 million manat.

For all along the line mortgage fund mortgage loans totaling approximately 535 million manats.

Centralized mortgage lending started in Azerbaijan in March 2006, but in June 2007 due to lack of funds lending was suspended until the summer of 2009. After the resumption of lending to finance the state has become a social mortgage. This year, for the purpose of the budget will be allocated 40 million manat, the same amount as in 2013.

Regular mortgages financed through the issuance of bonds AMF. For these purposes, 2009-2013, Mortgage Fund places seven emissions of 55 million AZN, 75 million AZN, 60 million AZN, 20 million AZN, 30 million AZN, 40 million AZN and 20 million AZN each . Last issue was fully enlisted in December 2013 , and a new issue of securities of the AMF in the amount of 40 million manat passed state registration only at the end of January 2014 with what is likely the reason such a miser and interest banks agents in January to mortgage lending .

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