Azerbaijan, Baku, 5 April / Trend corr I. Khalilova/ Azerbaijan's commercial UniBank has an opportunity to attract foreign funds totaling $100mln for the mortgage crediting, UniBank's First Deputy Chairman of the Board Kamil Seyidov said. Currently the bank has attracted one loan from the international financial organizations - the International Financial Corporation (IFC) in amount of $15mln.
In addition, UniBank holds talks with the Black Sea Trade and Development Bank (BSTDB) and European Bank for Reconstruction and Development (EBRD). The first Vice-President of the EBRD, Warez Firman, said during his visit to Baku at the end of the last year that the EBRD is prepared to provide approximately $6-7mln.
After mortgage crisis in the USA, the foreign banks seriously consider proving long-term credits. According to Seyidov, the loan will be spent in accordance with the conditions of the own mortgage program of UniBank. The mortgage credits for a period of 15 years will be allocated with 17% interest rate, more than 10 years - 18%, and for shorter period, the rates will be higher. He considers that the rates for the mortgage credits changed due to the situation in the world financial markets. In addition, the bank requires insuring mortgage security. To prevent the risks, UniBank requires the borrower to insure his/her labour ability and life. It is voluntary up to $70,000, but if more, it is obligatory.
The maximal amount of the credit totals $150,000 and minimal - $15,000.
At present, the mortgage portfolio of UniBank, being formed at the expense of Azerbaijan Mortgage Fund, totalled AZN 4.5mln. and own mortgage portfolio - 28% from the gross retail-portfolio (50% of the aggregated credit portfolio). The credit portfolio of the bank totals AZN 320mln.
UniBank, with its assets comprising $375mln, is one of the leaders among Azerbaijan's private commercial banks.
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