Up to the end of the first quarter of 2007, the Azerbaijan Mortgage Fund (AMF) functioning under the National Bank of Azerbaijan plans to establish a Guarantee Fund for Mortgage Credits, Trend reports. The Executive Director of the AMF, Faig Mammadov, stated at a press-conference on January 24th that the Fund will be created as a non-commercial organization.
The key goal of creating the Guarantee Fund is to liquidate the payment while receiving the credit. At present the payment has been decreased from 30% to 15%. In future, the initial payment will be made by the Guarantee Fund. The project of the Regulation of the Fund should be presented for approval within a month. Mammadov said that the employees of the National Bank and AMF have prepared the relevant legal basis and have studied experiences of Kazakhstan and European countries, which have created such organizations.
|
Countries |
Interest rate of the mortgage credit |
Initial Payment |
Period of mortgage credit |
|
Russia |
11,5-14,5% |
10-30% |
1-25 years years |
|
Kazakhstan |
10-14 % |
10-30% |
3-20 years years |
|
Ukraine |
12-13% |
10-30% |
30 years years |
|
Kyrgyzstan |
14-22% |
30% |
3-7 years years |
|
Azerbaijan |
4-8% |
15-0% |
3-30 years years |