Banks - agents of the Azerbaijan Mortgage Fund (AMF) in the first quarter gave mortgage loans to 476 citizens. This is minuscule in the circumstances, when tens of thousands of families need housing. The reason is that banks provide loans only to well-paid workers with an official salary of $ 1 thousand or more. The majority of the middle class officially receives small salaries, since employers have double-entry bookkeeping and transfer funds corresponding to minimum wages to the Social Protection Fund.
According to the information on the website of AMF, as of April 1, the total number of mortgage loans amounted to 16,318. In total, since 2006, this segment refinanced loans totaling $ 580 million 730.61 thousand manat. Of these, only 23.7% were social mortgages (137 million 482.9 thousand manat), while the rest of the money (443 million 247.71 thousand manat) was issued on a commercial basis.
AMF created in December 2005 began to issue mortgage loans in March 2006. Issuance of social mortgage in Azerbaijan was short-lived - from January to July 2007. This segment of the mortgage is funded from the state budget. Its maximum size is 50,000 manat at a rate not exceeding 4% per annum.
Mortgage loans on commercial terms are given in manat and only to citizens of the country. Loans are granted for a term of 3 to 25 years, the maximum loan must not exceed 50 thousand manat at a rate of not more than 8% per annum. --17D-
Economics
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