Azerbaijan, Baku, Nov. 23 / Trend N. Ismayilova /
About 265 of 375 bids received by the bank to get a loan for buying a house were approved by Standard Bank since the process of mortgage lending has been resumed by the Azerbaijan Mortgage Fund (AMF) under the Central Bank in June 2009, the bank said.
The total amount of 265 loans totaled 10.6 million manat.
Mortgage loans, refinanced by AMF, are granted by Bank Standard to citizens in the national currency up to 25 years at the rate of 8 percent per annum. Preferential mortgages are issued by 4 percent per annum for 35 years.
Bank Standard is one of the agent-banks operating under the fund from the very beginning of the fund's activity. Working closely with the AMF, the bank extends mortgage lending, and continues to accept applications in a specialized branch "Mortgage". It provides services in mortgage lending.
The AMF was established in December 2005 and began issuing mortgage loans in Azerbaijan in March 2006. The fund suspended the issuance of loans due to a lack of financing in June 2007 and resumed lending in June 2009. In total, the AMF agent-banks granted mortgage loans worth 225.7 million manat from 2006-Sept. 30, 2010.
The official exchange rate is 0.7999 manat to $1.