Mortgage portfolio of Azerbaijani non-banking loan organization ups almost $1mln
Azerbaijan, Baku, June 18 / Trend , N.Ismayilova/
The mortgage portfolio of the non-banking loan organization TBC Кredit increased almost $1 million per year.
"The current portfolio of mortgage loans is $7 million. This represents increase of $1 million compared to June 1, 2008," the organization said.
Mortgage loans are issued in the consumer at an interest rate of 28 percent and above, ranging from $5,000 to $50,000.
"Mortgage loans are always in demand among the population and now the demand is also stable," the organization said.
Since 2003, TBC Kredit first in Azerbaijan began to issue mortgage loans.
The main founder of TBC Kredit is the Georgian TBC Bank, which owns 75 percent of the shares, while 25 percent belong to an international consulting firm Shorebank International, a member of the American team Shorebank. Shorebank established the SOA Credit in 2000. The entry of TBC Bank in the capital of TBC Kredit in December last year, realized through the additional investment, resulting in the capital of credit organizations grew to $10 million.
On June 18, the official exchange rate is 0.8039 manat to $1.
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