Azerbaijan, Baku, May 27 / Trend /
Unibank Commercial Bank is in the new list of agent banks of the Azerbaijan Mortgage Fund under the auspices of the Central Bank of Azerbaijan.
Bank begins to consider applications for housing purchase mortgage loans re-financed by the Azerbaijan Mortgage Fund on 1 June. In this connection, Unibank invites everybody interested in borrowing a mortgage loan to come to the 17th Branch at 65, Rashid Behbudov Street, Baku (next to the HQ of Unibank).
Every potential borrower should bear in mind the following mandatory mortgage lending rules set by the AMF:
loans are given in the national currency and are collateralised by real estate
mortgage object values are estimated by independent assessor companies
only the citizens of Azerbaijan can borrow a mortgage loan
the mortgage loan terms vary from 3 to 25 years
the rate of interest may not exceed 8% annually
no individual loan may exceed AZN 50,000;
loans are disbursed in monthly annuities
monthly loan repayments may not exceed 70% of the total income of the borrower(s)
the amount of any loan may not exceed 85% of the market value of the housing that the borrower will purchase at the moment of disbursement
the life and workability of the borrower as well as the mortgage object must be insured to the amount equalling the amount of the loan in each given case
the deadline for repayment of the mortgage loan must precede the legally prescribed pension retirement of the borrower
It should be remembered that Unibank was the agent bank of the Azerbaijan Mortgage Fund before. Unibank's portfolio of mortgage loans re-financed by the AMF equalled 4,533 million manats at the end of 2007.
On May 27, the official exchange rate is 0.8036 manat to $1.