Over 9 percent of AMF's portfolio falls to Bank Standard
Azerbaijan, Baku, July 21 / Trend I. Khalilova /
The total amount of mortgage loans given by Bank Standard through the Azerbaijan Mortgage Fund (AMF) is 18,9 million manat, or 2 million manat more than in 2009, the bank said.
"The bank has issued about 160 mortgage loans totaling $ 6 million manat within its own commercial mortgage programs since the beginning of mortgage lending up to now," the bank said.
In June 2010 Bank Standard in conjunction with a residential complex ABU Park has launched a new special commercial mortgage lending program with competitive interest rates (12.5 percent per year) and terms (25 years).
Azerbaijan Mortgage Fund was created in September 2005 by the Presidential Decree. The process of mortgage lending standards in the country began in March 2006. As of July 1, mortgages worth 52,1 million manat were given in Azerbaijan through the fund compared to 41,7 million manat June 1, 2010.
In January-June the volume of refinanced loans fund has reached 45,7 million manat. In 2009 the country got mortgage loans worth 76,4 million manat.
The total portfolio of mortgage loans for 2006-2010 amounts to 204.3 million manat, the proportion of Bank Standard in that portfolio - 9.25 percent.
It was planned to allocate 94 million manat from the state budget to finance mortgage transactions in the country since the beginning of mortgage lending by the fund in the country. About 87,1 million manat has been transferred.
Currently, mortgage loans through the AIF in the country are given for a period of 3 to 25 years to the amount of not more than 50,000 manat. The interest rate on these loans does not exceed 8 percent per annum.
On July 21, the official exchange rate is 0.8037 manat to $1.