Mortgage market collapsed in January, more than 8 times

Authorized banks of Azerbaijan Mortgage Fund (AMF) issued in January 2013 mortgages for AZN 1.7 million, which is 8.4 times less than it was in December last year.

According to the AMF, for the period the fund refinanced loans totaling 2.68 million manat.

Since 2006 the Fund issued mortgages worth 421.93 million manat. Of these, 41% were aged between 18-29 years, 31% - at the age of 30-35 years and the remaining 28% - at the age of 36 years or more.

Today, the state finances a social mortgage, for the needs of the state budget in which the last two years was allocated AZN 20 million. In 2013, the social mortgage will be sent twice as much money.

Commercial mortgage is financed through the issuance of bonds AMF. For this purpose in 2009-2012 Mortgage Fund placed five issues for AZN 55 million, 75 million manat AZN 60 million, 20 million and 30 million manat manat each. In December last year there was state registration of the prospectus of interest-entry registered secured bonds fund worth 40 million manat. From the latest issue of the fund posted a 14 million manat.

Mortgage loans are for Azerbaijani citizens at up to 50,000 manat for up to 25 years at a rate no higher than 8%. Concession loans are up to 35,000 manat for up to 30 years at a rate of up to 4% per annum. - 15V -