Azerbaijan, Baku, August 9 / Trend N. Ismayilova /
Azerbaijani Royal Bank issued 225 mortgage loans through the Azerbaijan Mortgage Fund (AMF), acting under the Central Bank of Azerbaijan, worth 9.486 million manat since the early resumption of the mortgage lending in the country (June 2009), the bank said.
"The bank has issued 184 standard mortgage loans totaling 8.109 million manat, as well as 41 credit on concessional terms worth 1.377 million manat," the bank said.
The total mortgage portfolio is 29.47 million manat.
Terms of mortgage loans through the fund are as follows. Loans must be issued in national currency - manat and only Azerbaijani citizens. The subject of the mortgage may be just apartments and private homes. The amount of mortgage loan should not exceed 85 percent of the market value of the property. The monthly fee for the loan should not exceed 70 percent of the monthly income of the borrower.
Families of martyrs, national heroes, internally displaced people, civil servants with experience not less than three years, candidates and doctors of science, people with special achievements in sports and the military men with a minimal service of three years can get concessional loans.
On August 9, the official exchange rate is 0.8034 manat to $1.