Baku, Azerbaijan, July 3
By Anvar Mammadov – Trend:
Agent banks of the Azerbaijan Mortgage Fund issued 126 loans worth about 7.5 million manats in June 2017, said a message on the Fund’s website.
In total, 19,279 mortgage loans totalling 810.2 million manats have been issued by authorized credit institutions of the Azerbaijan Mortgage Fund since 2006.
In line with the new procedure approved in June 2016, mortgage loans are issued only to citizens of Azerbaijan and only in the national currency – Azerbaijani manat.
Interest rates on conventional mortgages should not exceed eight percent and preferential mortgage loans – four percent per annum.
The maximum mortgage loan amount is determined by the Azerbaijan Mortgage Fund. The monthly payment for a mortgage loan should not exceed 70 percent of the monthly income of a borrower.
(1.7021 manats = $1 on July 3)