Azerbaijan, Baku, Feb. 9 / Trend N.Ismayilova /
The Azerbaijani Bank Silk Way became the 22nd agent-bank and 11th assessment agency of the Azerbaijani Mortgage Fund (AMF) operating at the Central Bank of Azerbaijan (CBA), the AMF reported.
OJSC "Bank Silk Way" is a multi-financial institution. The Bank is a member of the payment systems Visa International, Master Card, money transfer systems Western Union, Fast Mail and Privat Money.
Bank of Baku was the latest agent-bank of the AMF. Currently, AMF agents are 16 insurance and 11 appraisal companies.
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.
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.
The official exchange rate is 0.7958 manat to $9 Feb. 1.