Azerbaijan Mortgage Fund not received credit request yet
Azerbaijan, Baku, June 9 / Trend , U. Ismayilova/
Azerbaijani Mortgage Fund (AMF) at the Central Bank has not yet received a credit request from agent banks since the AMF resumed lending on June 1, fund said.
"Probably it is due to collection of documents which takes certain time," the fund said.
Azerbaijani Mortgage Fund suspended lending in summer 2007 due to shortage of funds.
AMF did not change lending terms. Maximum amount of mortgage lending is 50,000 manat and preferential loan - 35,000 manats. The maximum annual percentage rate for the usual loan is 8 percent, and preferential - 4 percent. The maximum term of loan is 25 years and old - 30 years, the primary fee is the same for all categories of borrowers (15 percent).
The conditions of mortgage loans are the following: loans must be issued in national currency - manat, and only to the citizens of Azerbaijan. The subject of the mortgage can only be apartments and private homes, the amount of mortgage loan should not exceed 85 percent of the market cost of the property, which lie under the mortgage, the monthly payment for the loan should not exceed 70 percent of the borrower's monthly income, the amount of life insurance shall exceed the amount of the mortgage loan and others.
Access to the preferential loans may be gained by the families of war victims, national heroes, internally displaced persons, and civil servants with experience of at least three years, candidates and doctors of science, persons with special achievements in sports, as well as the minimum period of military service for three years.
Each family who has the right for preferential mortgage can take advantage of it only once.
On June 9, the official exchange rate is 0. 8039 manat to $1.
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