Mortgage lending volume in Azerbaijan hits $ 0.6 billion

Mortgage lending volume in Azerbaijan hits $ 0.6 billion

Azerbaijan, Baku, May 6 / Trend I.Khalilova /

In January-April 2013, the Azerbaijan Mortgage Fund (AMF) under the Central Bank granted loans amounting to 32.06 million manat, or 2.11 times more than the volume of financing in the first quarter, according to a statistical report published on the AMF website on Monday.

According to the report, the volume of mortgage lending in March exceeded the amount of loans issued in February 2013 by 2.05 times, reaching 15.19 million manat. In February, the portfolio grew 3.36 times in comparison to January.

Since the beginning of financing in 2006, the AMF has granted mortgage loans of more than 435 million (74.77 million manat - in 2012, 95.64 million manat - in 2011, 97.08 million manat - in 2010, 76.9 million manat - in 2009, 70.2 million manat - in 2007, 5.6 million manat - in 2006).

In January-April, the total amount of refinancing loans issued by banks earlier was 20.4 million manat (69.3 percent more than in the first quarter). The AMF did not place bonds in April either, so the portfolio of securities remained the same as in February - 11 million manat. The proceeds from the placement of bonds are directed to finance conventional mortgages.

No funds were allocated in April for financing social mortgages. The 2013 state budget provides 40 million manat for these purposes, of which 20 million manat has already been transferred to the fund.

Youth and young families account for 72 percent of total loans (41 percent of borrowers were aged 18-29 and 31 percent were 30-35 years old). 28 percent of loans accounted for borrowers over the age of 36 years.

The maximum size of a conventional mortgage through the AMF is 50,000 manat at a rate of eight percent and a maturity of 25 years. The size of a social mortgage is 50,000 manat at an annual rate of four percent and the term of 30 years. The initial payment under the social mortgage is 15 percent, while for conventional loans - 20 percent.

Mortgage terms are as follows: loans must be issued in national currency, manat, and only to the citizens of Azerbaijan, the subject of the mortgage can only be an apartment or private house, the amount of the mortgage should not exceed 80 percent of the market value of the property, the monthly payment for a loan must not exceed 70 percent of monthly income of the borrower, the presence of an agreement on life insurance and other conditions.

Preferable conditions are granted to members of families of war victims, families of National Heroes of Azerbaijan, internally displaced persons, civil servants with at least a three years' experience, candidates and doctors of science, persons making special contributions to sport, as well as the military with at least a three-year service term.
Each family having the right to such a mortgage loan can use the opportunity only once.

At present, there are 27 authorized banks of the Mortgage Fund. Among the participants in the mortgage market are also 21 insurance companies and 11 appraisal organizations.

The official exchange rate is 6 May 0.7845 AZN / USD.

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