Azerbaijani Royal Bank issues mortgage loans worth over 12 million manat
Azerbaijan, Baku, Nov.22 / Trend N. Ismayilova /
Azerbaijani Royal Bank since early resumption the mortgage lending in the country (June 2009) issued 287 mortgage loans worth 12.63 million manat through the Azerbaijani Mortgage Fund (AMF) under the Central Bank of Azerbaijan, the bank said.
"So far, the bank has issued 245standard mortgage loans totaling 10.59 million manat, as well as 42 loans on preferential terms worth 1.4 million manat," the bank said.
The total amount of the mortgage portfolio of the bank today exceeds 122 million manat.
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.
Preferable conditions are granted to members of families of war victims, families of national heroes, internally displaced persons, civil servants with at least a three-year experience, candidates PhD and PhD, persons making special contributions to sport, as well as militaries with at least a three-year service term.
Each family having the right to a lax mortgage loan can use this chance only for one time.