Mortgages for 1.5 million manat issued in September

The Azerbaijan Mortgage Fund (AMF) in September through agent banks issued mortgage loans amounting to 1.52 million manat. The beneficiaries were 32 people - an average of 47,500 AZN per person.

In total, according to a statement on the website of AMF, since 2006 there has been issued 15,425 mortgage loans totaling 613.89 million manat - an average of 39,800 manat.

AMF was established in December 2005 and in March 2006 it began to issue mortgage loans. Issuance of social mortgage in Azerbaijan began in 2007 and lasted for 6 months.

Mortgage loans on commercial terms are given in manat and only to Azerbaijani citizens. The demands include a period of 3 to 25 years with a maximum loan amount of 50,000 manat and the rate of not more than 8% per annum.

Funded from the state budget is only social mortgage (the maximum size of 50 thousand manat and the rate not more than 4% per annum). The Ministry of Finance for this purpose in 2014 planned to release 40 million and in 2015 - 50 million manat. The public does not know about the directions of spending the targeted funds.

In 2013, the volume of mortgage lending by AMF amounted to 112.9 million manat. --17D-

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