First trench allocated from Azerbaijani state budget to resume social mortgage

Business Materials 18 June 2009 15:25 (UTC +04:00)

Azerbaijan, Baku, June 18 / Trend U. Ismayilova /

The Azerbaijani Mortgage Fund operating under the Central Bank of Azerbaijan got the first trench in the amount of 2 million manat of 14 million manat allocated by the state budget-2009 to finance social mortgage, the fund said on June 18.

"Granting of preferential loans to finance purchase of dwelling is resumed in Azerbaijan from June 18. People willing to get social mortgage will be able to apply authorized banks of the fund from June 18," the fund said.

A new list of the Azerbaijani Mortgage Fund includes 17 banks: the International Bank of Azerbaijan, Azerdemiryolbank, Azeriqazbank, AtaBank, Bank Avrasiya, Bank of Azerbaijan, Bank Standard, Bank Respublika, Gencebank, Kapital Bank, UniBank, Pasa Bank, Muganbank, Texnikabank, Turanbank, Xalq Bank, Zaminbank.

Social mortgage is given to young families, members of war victims' families, families of national heroes, forcedly displaced people, state employees (over 3 years of service), candidates of sciences and doctors, people having special services in sport, employees of the ministry of defence, the national security, internal troops of the interior ministry, employees of state boundary service and state security service (except for people passing temporary military service).  

Each of these people can use social mortgage only once.

The Azerbaijani Mortgage Fund resumed mortgage loaning from June 1. Financing of mortagage loans through the Azerbaijani Mortgage Fund was suspended in summer 2007 due to lack of funds. Social mortgage will be granted in the amount of 4 percent for 30 years. Maximal amount of loan is 35,000 manat.  

On June 18, the official exchange rate is 0.8039 manat to $1. 

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