Mortgage lending in Azerbaijan up
Baku, Azerbaijan, July 4
By Anvar Mammadov – Trend:
In May 2018, banks issued loans worth 23 million manats through the Azerbaijan Mortgage and Credit Guarantee Fund CJSC, which is twofold more than in May 2017, according to the report of the Central Bank of Azerbaijan (CBA).
In January-May 2018, banks issued mortgage loans worth 98.4 million manats through the fund, which is 51.2 percent more for the year.
In January-May 2018, 50 million manats were transferred from the state budget to the fund.
According to the CBA report, in May 2018, the volume of refinancing of loans issued by banks earlier amounted to 18.3 million manats.
The average monthly amount of the loan issued by the fund’s authorized banks was 46.765 manats in May 2018 (42,390.3 manats in May 2017). The average period of the loan is 281 months (280 months a year earlier). The average annual interest rate is 6.6 percent (6.67 percent a year earlier). The average monthly amount for payments is 332.6 manats (304.3 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 on July 4)
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