Conditions of mortgage crediting in Azerbaijan can be reconsidered after global crisis ends

Azerbaijan, Baku, June 9 / Trend , N.Ismaylova /

During 10-15 days Azerbaijani banks will start mortgage lending in line with Azerbaijan Mortgage Fund functioning under the Central Bank of Azerbaijan (CBA), said the CBA Chairman Elman Rustamov.

"The dynamics of appeals by the people for mortgage is growing and the banks prepare for lending, but, as known, the issuance of mortgage securities still continues, this procedure will be completed soon, and during 10-15 days, crediting will begin," said Rustamov.

He said that a decision was made to grant mortgage lending both for new buildings and for the second housing market.

"The conditions, under which mortgages are provided, stands the economic situation, and when the crisis ends, possibly we will reconsider these conditions," said Rustamov.

The Head of the Central Bank also noted the need for certain increase in the maximum amount of the mortgage, because the housing market prices are high, but to increase the amount, it needs to make several decisions.

Nearly 14.5 million manat have been allocated by the 2009 state budget to finance social mortgage.

Mortgage lending in the country started from 25 March 2006 by Azerbaijan Mortgage Fund (AMF), which functions under the Central Bank of Azerbaijan and from 7 February 2007, commenced providing social mortgage. Demand for mortgages exceeded the budget provision, and from mid June 2007, AMF ceased funding for mortgage loans.

Fund received 46 million manat from the Public budget in 2005-2007, and in 2008 34 million manat, which was provided in two tranches 22 million manat, and all the funds were made available through the refinancing of previously issued loans . Portfolio of loans of AMF is 75 million manats with a total mortgage portfolio of banks amounting to 250-300 million manat.

Rates range from 8 percent to 18-20 percent from commercial banks, term - from 10 to 25 years. Agents of the Fund are 17 banks.

Current rate is 0.8039 AZN/USD. 

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