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Banks in Azerbaijan decrease mortgage lending

Business Materials 9 May 2018 14:40 (UTC +04:00)

Baku, Azerbaijan, May 9

By Azad Hasanli – Trend:

In March 2018, authorized lending institutions of Azerbaijan Mortgage and Credit Guarantee Fund CJSC issued loans worth 15.5 million manats, which is nearly 20 percent less than in February 2018 and almost 10 percent more than in March 2017, according to the report of the Central Bank of Azerbaijan (CBA).

In this first quarter of 2018, banks issued mortgage loans worth 49.3 million manats through the fund. In January-March, 50 million manats were transferred from the state budget to the fund.

According to the CBA report, in March 2018, the volume of refinancing of loans issued by banks earlier amounted to 13.2 million manats.

The average monthly amount of the loan delivered by the fund’s authorized banks was 45,950 manats in March 2018 (41,904.2 manats in March 2017). The average period of the loan is 281 months (280 months a year earlier). The average annual interest rate is 6.63 percent (6.66 percent a year earlier). The average monthly amount for payments is 327.6 manats (300.6 manats a year earlier).

In general, the fund’s authorized lending institutions have issued 22,384 mortgage loans worth 1.02 billion manats since 2006 and up till now.

Twenty-four out of 30 banks in the country, as well as 17 insurance companies [in total 21] and 14 appraisal organizations are the authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund CJSC.

(1.7 manats = 1 USD on May 9)

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