Azerbaijani Bank Standard issues 10 lax loans via AMF

Azerbaijani Bank Standard issues 10 lax loans via AMF

Azerbaijan, Baku, Nov. 2 / Trend , N.Ismayilova/

Since renewal of mortgage loaning through the Azerbaijani Mortgage Fund (AMF) under the Central Bank, the Bank Standard approved about 97 application from 122 ones, presented by citizens, to receive mortgage loan, the bank said on Nov. 2.

Since June, 2009, the bank has already issued 87 mortgage loans, including 10 loans on preferential terms, in the amount of 4 million manat.

Mortgage loans, refunded by AMF, are issued by Bank Standard in national currency to the Azerbaijani citizens on security of real estate for 25 years at a 8 percent rate of annual, while preferential terms (social mortgage) - a 4 percent rate of annual and for 35 years

Working closely with the Azerbaijan Mortgage Fund, the Bank extends mortgage lending, and continues to receive applications, the bank said.

Since early activity of the AMF, Bank Standard is the authorized bank of the fund.

Azerbaijan's public budget for 2005-2008 envisaged 94 million manat to fund mortgages through the AMF. The AMF began to place bonds on June 16, 2009, so far, the auction has been presented bonds worth 44 million manat and 41 million of this amount has been fully placed.

The total emission amounts to 55 million manat in 1,000-manat nominal value for each bond.

On Nov. 2, the official exchange rate is 0.8033 manat to $1.

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