The volume of mortgage loans for the year decreased by 30%, despite November"s loan growth

Authorized banks of Azerbaijan Mortgage Fund (AMF) issued in November 2012 mortgages for AZN 10.38 million, against 4.48 million manat in October.

According to the AMF in the reporting month the fund was refinanced in the amount of 10.74 million manat. The total amount of refund from the beginning of the year amounted to 85.42 million manat.

Since 2006 the Fund issued mortgages worth 405.88 million manat. Within 11 months of the agent banks mortgage loans totaling 60.44 million manat, which is 29.6 percent less than in January-November 2011. 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 budget is allocated annually 20 million manat. The Fund has received the funds in full. The draft budget for 2013 envisages twice as much money for social mortgage.

Commercial mortgage financed through the issuance of bonds AMF. For this purpose in 2009-2012 fund placed four emissions by 55 million, 75 million, 60 million and 20 million manats each. In December last year, the state registration of the prospectus was registered non-documentary bonds secured by the fund in the amount of 30 million manat. Today, the fund posted AZN 20 million out of this issue. Last placement was made in mid-June. Another batch of 5 million manat will be put up for sale on Monday.

Mortgage loans are for Azerbaijani citizens - 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 -