Baku, Azerbaijan, Feb. 26
By Azad Hasanli, Anvar Mammadov - Trend:
Azerbaijani government is considering a change in interest rate on commercial mortgage loans issued through the Azerbaijan Mortgage Fund (AMF), said Elman Rustamov, head of the Central Bank of Azerbaijan.
He also told reporters Feb. 26 that it is planned to increase the mortgage loan's size.
As for the social mortgage, Rustamov said its rate will remain unchanged.
Rustamov went on to say the AMF shouldn't expect funds from government to finance the mortgages, and has to raise funds from market, as well as through placement of securities.
Fifty million manats are budgeted in Azerbaijan for 2016 to finance the mortgages.
AMF was established in December 2005. It began issuing mortgage loans in March 2006.
Twenty insurance companies, out of 25, and 16 valuation organizations are participants of the mortgage market.