Azerbaijan issues mortgage loans hitting 130mln manat
Azerbaijan, Baku, Nov. 3 / Trend , U.Ismayilova/
On June 1- Nov. 1 2009, Azerbaijan issued 1,400 mortgage loans worth $59 million manat, said the Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan on Nov. 3.
In October, mortgage loans were issued for 12 million manat and as a result, about 300 families improved their housing conditions.
Thus, since beginning of the mortgage loaning in Azerbaijan in March 2006, the country has issued about 3,400 of mortgage loans totaling $134 million manat via the AMF.
The AMF stopped mortgage lending in the summer of 2007 due to lack of funds and resumed lending on June 1, 2009. The maximum amount of an ordinary mortgage is 50,000 manat, preferential - 35,000 manat, maximum annual rate for ordinary mortgage is 8 percent, grace - 4 percent, maximum period for an ordinary loan - 25 years, grace - 30 years, the initial payment for ordinary loans, and favorable - 15 percent.
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