Azerbaijan, Baku, Dec. 17 / Trend , N. Ismaylova/ Azerbaijani Kapital Bank completely used $12mln loan of Black Sea Trade and Development Bank (BSTDB), Rauf Rzayev, chairman of the board, said.
He said that they will pay off the first tranche of the loan in the amount of $1.1mln by Jun 1, 2009.
The loan of the Black Sea Bank covers six years, in accordance with which the Azerbaijani bank implements placement of loan resources. Interest rate of mortgage loan of Kapital Bank makes up 13% per year.
The Black Sea Bank issued the first $ 8mln mortgage loan to Texnika Bank in Azerbaijan for six years and libor+3.7% interest rate.
Presently, banks issues loans to purchase houses within the framework of own programs, because Azerbaijani Mortgage Fund (AMF) operating under National Bank of Azerbaijan has suspended to issue new mortgage loans for the lack of means since summer 2007. Up to now AMF has refinanced loans in the amount of AZN 63.3mln granted by authorized banks owing to budget means for 15 years and with the rate of 4%-8%.
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