Baku, Azerbaijan, June 6
By Azad Hasanli – Trend:
In April 2018, authorized lending institutions of Azerbaijan Mortgage and Credit Guarantee Fund CJSC issued loans worth 26.1 million manats, which is 62.1 percent more than in April 2017, according to the report of the Central Bank of Azerbaijan (CBA).
In January-April 2018, banks issued mortgage loans worth 75.4 million manats through the fund. (A 40.67 percent growth for the year).
In January-April 2018, 50 million manats were transferred from the state budget to the fund.
According to the CBA report, in April 2018, the volume of refinancing of loans issued by banks earlier amounted to 16.3 million manats.
The average monthly amount of the loan delivered by the fund’s authorized banks was 46,409 manats in April 2018 (42,187.6 manats in April 2017). The average period of the loan is 281 months (280 months a year earlier). The average annual interest rate is 6.62 percent (6.66 percent a year earlier). The average monthly amount for payments is 330.5 manats (302.7 manats a year earlier).
In general, the fund’s authorized lending institutions have issued 22,638 mortgage loans worth 1.04 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 June 6)
---
Follow the author on Twitter: @AzadHasanli