Mortgage loans exceed 80 million manat in Azerbaijan this year
Azerbaijan, Baku, Nov. 3 /Trend, N.Ismayilova/
In January-October this year, the Azerbaijan Mortgage Fund (AMF), acting under the Central Bank, granted loans amounting to 80.6 million manat, the AMF reported on Wednesday.
The total amount of refinancing loans earlier provided by banks made up 73.7 million manat.
Under the AMF's terms, the maximum amount of the issuance of conventional mortgages in Azerbaijan is 50,000 manat at a rate of eight percent and for 25 years. But the amount in the social mortgage is 35,000 manat, at an annual rate of four percent and the term - 30 years. Initial fee for the ordinary and concessional loans is 15 percent.
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.