Open Joint Stock Company VTB Bank (Azerbaijan) has introduced its own mortgage program.
As stated in the bank, loans under this program will be available for Azerbaijani citizens with a common experience of not less than one year, and the experience at the same place for at least six months. If the borrower is an individual entrepreneur, the period of existence of the business must be at least 6 months.
Maximum loan amount is 100,000 manat, with a minimum initial contribution of 25%. The interest rate is 12% per annum and the loan term is 10 years.
According to the Chairman of the Board Alexander Eremin, the mortgage program is designed for the mass consumer. "According to our research of the market there are clients who are willing to take and higher mortgage amount, but this segment is small. Therefore, we have the basis of mass consumer interests and the maximum loan amount determined at the level of 100 thousand manats. Down payment is a prerequisite of our product, as it increases the responsibility of the customer and reduces the risks of repayment of the loan," the press release quoted him as saying.
The Central Bank of Azerbaijan in March 2009 issued JSC VTB Bank (Azerbaijan) a banking license. In the structure of the bank's shareholders 51% of the shares belong to JSC VTB Bank, 48.99% - to the group of companies AtaHolding, and 0.01% - to an individual. -17D-
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