Azerbaijan, Baku, June 19 / Trend , U.Ismayilova/
Azerbaijani banks - accredited by the Azerbaijan Mortgage Fund (AMF) under the Central Bank received applications for mortgage loans worth 10 million manat, the fund said on June 19.
"Despite the fact that a short period has passed since the beginning of receiving applications, the authorized banks have already begun issuing mortgages," the fund said.
Generally, issuing mortgage loans is a phased process, as it is accompanied by an assessment of the creditworthiness of the borrower and the mortgage credit analysis, collection of relevant documents for registration (signing contracts for sale, mortgage and insurance). Preferably, this process requires up to a month.
The Azerbaijan Mortgage Fund has suspended issuing mortgage loans since the summer of 2007 due to lack of funds and resumed the process on June 1, 2009.
Since June 18, Azerbaijan has launched initial placement of the AMF's percentage nominal bonds worth 15 million manat, with total emissions of 55 million manat and the interest rate of three per annum.
Deadline to pay off the bond is set on May 10, 2016. The Central Bank of Azerbaijan plays a role of an organizer to place the bonds.
The State Committee for Securities registered emission of the Mortgage Fund's bonds on May 29, 2009.
On June 19, the official exchange rate is 0.804 manat to $1.
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