Azerbaijan, Baku, Feb. 16 / Trend /
Azerbaijani Bank Respublika is expanding mortgage loaning as part of own mortgage program, the bank said on Feb. 16.
Under the program, Bank Respublika offers mortgage loan to people with 7-year term and 17 percent of interest rates.
Loan can comprise from 5,000 manats to 250,000 manats, but not 60 percent over cost of the purchased property. Loan is paid off each month with equal costs. Meanwhile, monthly paying off loan should not exceed 50 percent of debtor's net income.
The bank accepts the purchased property, as well as other properties, including flat, house, cottage, non-residential place and land as a pledge.
Bank Respublika is implementing the won mortgage program since September 2007 and at present is one of leading banks in Azerbaijan on amount of the issued mortgage loans. The issued mortgage loans amounted to 21.4 million manats.
The following branches of the bank receive applications to issue loans: Azneft (Baku, 67 Neftchilar Avenue), Neftchilar (Baku, Gara Garayev Avenue 61S), Progress (Baku, 71 Mirali Gashgay St.) and Sumgayit (Sumgayit, the 45th area, 1 N. Narimanov St.).
Debtor should submit a reference from his/her job which will confirm his/her incomes to assess debtor's purchasing capacity. People who are engaged in entrepreneurial activity should submit a declaration about his/her incomes to the bank.
www.bankrespublika.az is available to get detailed data on the mortgage program or calling on 144 in Baku or visiting one of Bank Respublika's offices.
On Feb. 16, the official exchange rate is 0.8062 manat to $1.
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