Azerbaijan Mortgage Fund (AMF) in November through agent banks issued mortgage loans in the amount of 3,918,400 manat. Beneficiaries were 85 people - an average of 46,100 per person.
In total, according to the website AMF, 15,566 mortgage loans totaling AZN 620,243,200 have been granted since 2006, with an average of 39,840 manat.
Best month this year was March - 433 loans for 18,290,400 manat. On a quarterly basis the leader was April - June - 768 loans totaling 33,043,600 manat. In the fourth quarter 173 loans for AZN 7,976,300 have been granted until now.
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 for a period of 3 to 25 years with a maximum loan size of 50 000 manat and the rate of no more than 8% per annum.
Funded from the state budget is only social mortgage (maximum 50,000 manat rate - not more than 4% per annum). The Ministry of Finance for these purposes planned to allocate 40 million AZN in 2014 and 50 million AZN in 2015. The public does not know about the directions of targeted spending of the funds.
In 2013, the volume of mortgage lending from AMF was 112,900,000 manat. Mortgage lending on the AMF standards started in the country in 2006. --17D-
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