Azerbaijan, Baku, Aug.3 / Trend N.Ismayilova /
The Azerbaijani Bank Standard granted 30 mortgage loans through the Azerbaijani Mortgage Fund (AMF) since restoration of mortgage loans in Azerbaijan, the bank said.
The bank granted mortgage loans worth 1.25 million manat during reporting period. Roughly 3 mortgage loans of 30 granted mortgage loans were directed to social mortgage but 27 to commercial mortgages.
The bank continues its own mortgage program. The total mortgage portfolio of the bank is amounted to 15 million manat. Initial portfolio of the bank, drew from the AMF in 2009 to grant mortgage loans, amounts to 2 million manat.
In connection with the launch of mortgage loans, 17 banks, 7 appraisal companies and 10 insurance companies authorized by the AMF were approved.
Conditions of the mortgage lending are as the following: loans must be issues in the national currency with manats and only to Azerbaijani citizens, and an object of the mortgage can only be an apartment or private houses, volume of the mortgage lending must not exceed 85 percent of the market price, monthly payment for a loan must not exceed 70 percent of debtor's monthly income, as well as presence of an agreement on life insurance and others.
Preferable conditions are granted to members of families of war victims, families of national heroes, internally displaced persons, civil servants with at least a three-year experience, candidates PhD and PhD, persons making special contributions to sport, as well as militaries with at least a three-year service term.
Each family having the right to a lax mortgage loan can use this chance only for one time.
The 2005-2009 public budget of Azerbaijan envisages 94 million manat for mortgage loans through the Mortgage Fund, with over 70 million manat distributed through banks.
The 2009 public budget has allocated 14 million manat to finance social mortgage lending.
On Aug.3, the official exchange rate is 0.8042 manat to $1.
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