Mortgage lending down in Azerbaijan

Economy Materials 2 July 2019 14:32 (UTC +04:00)

Baku, Azerbaijan, July 2

By Kheyraddin Nasirzade – Trend:

Banks of Azerbaijan allocated mortgage lending worth 20.9 million manats in May 2019, which is 12.2 percent less than in the same period of the last year, Trend reports with reference to report of Central Bank of Azerbaijan.

The volume of credits allocated by banks refinancing amounted to 21.1 million manats in May.

Average monthly sum of the loan amounted to 50,106 manats in April (46,765 in May 2019), which is the highest indicator in the time of mortgage fund’s existence in Azerbaijan. Average time duration of the loan was 282 months (one month more than in May 2018), average annual interest rate was 6.49 percent (6.6 percent last year), and monthly payment was 351.3 manats (332.6 manats).

Overall, from 2006 till now loan organizations allocated 26,795 mortgage loans worth over 1.321 billion manats.

Authorized banks of Azerbaijan of mortgage and loan guarantee funds include 25 banks (mortgage lending), 13 banks (loans guarantee), as well as 19 insurance companies and 16 evaluation organizations.

1 USD = 1.7 manats on June 2.


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