Mortgage lending increased by nearly 7% a year in Azerbaijan

Baku, Azerbaijan, July 3
By Zulfiyya Gurbanova - Trend:

Loans on the line of the Azerbaijan Mortgage Fund (AMF) under the Central Bank was granted in the amount of 52.7 million AZN in January-May 2014, which is 6.5 percent more than the volume of financing compared to the same period last year, the statistical report of the Azerbaijani Central Bank said.

During the first five months of 2014 the total amount of refinancing of loans allocated by the banks earlier made up 44.7 million AZN, the report said. Since the beginning of the year the AMF have placed bonds worth 10 million AZN.

The proceeds from the placement of bonds are directed to the financing of conventional mortgage.

Some 10 million AZN was allocated for the reported period for the financing of the social mortgage from the state budget. It is planned to allocate 40 million AZN this year in this regard.
The average amount issued by authorized banks of the AMF is 39,839 AZN, the average loan size - 278 AZN, the interest rate - 6.83 percent, the average monthly payment - 318.5 manat.

The maximum size of a conventional mortgage through the AMF is 50,000 AZN at a rate of 8 percent and a maturity of 25 years. The size of a social mortgage is 50,000 AZN at an annual rate of 4 percent and the term of 30 years. The initial payment under the social mortgage is 15 percent, while for a 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.

Today the authorized banks of the AMF are 28 banks [the country has 43 banks]. The participants of the mortgage market are also 21 insurance companies [28 in total] and 14 appraisal organizations.

The official exchange rate on July 3 is 0.7844 AZN / USD.

Edited by CN

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