Azerbaijan, Baku, July 16 / Trend A. Hasanov /
Azerbaijani Bank Respublika's mortgage portfolio increased by a quarter for the six months of this year compared to early 2012, the bank told Trend on Monday.
The bank's mortgage portfolio hits 25.6 million manat compared to 20.41 million manat as of late 2011.
The bank also has its own mortgage lending program. It draws funds on the local market. The bank is also a member of the Azerbaijan Mortgage Fund.
According to the terms of the mortgage program, the maximum loan amount is 250,000 manat at with an annual rate ranging 11-13 percent and the term - ten years.
Bank Respublika started its activity on May 22, 1992. The shareholders are: local shareholders (75 percent), 16.7 per cent - investment company DEG and 8.3 per cent - Sparkassen International Development Trust.
The official exchange rate is 0.7855 manat to $1 on July 16.