Mortgage lending in Azerbaijan up
Baku, Azerbaijan, Oct. 26
By Azad Hasanli – Trend:
In January-September 2018, banks issued loans worth 183.2 million manats through the Azerbaijan Mortgage and Credit Guarantee Fund CJSC, which is 40 percent more than in January-September 2017, according to the report of the Central Bank of Azerbaijan (CBA).
In September 2018, banks issued mortgage loans worth 27.9 million manats through the fund.
For nine months, 100 million manats were transferred from the state budget to the fund in February and September 2018.
According to the CBA report, in September 2018, the volume of refinancing of loans issued by banks earlier amounted to 20.2 million manats.
The average monthly amount of the loan issued by the fund’s authorized banks was 48,084.2 manats in September 2018 (43,594.4 manats in September 2017). The average period of the loan is 281 months (unchanged compared to a year earlier). The average annual interest rate is 6.57percent (6.64 percent a year earlier). The average monthly amount for payments is 341.3 manats (311.4 manats a year earlier).
In general, the fund’s authorized lending institutions have issued 24,250 mortgage loans worth almost 1.15 billion manats since 2006 and up till now.
The authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund CJSC are 25 banks (mortgage lending), 10 banks (credit guarantee), as well as 17 insurance companies and 13 appraisal organizations.
(1.7 manats = $1 on Oct. 26)
Follow the author on Twitter: @AzadHasanli