Azerbaijan, Baku / corr. Trend U.Ismaylova / The Mortgage Fund of Azerbaijan (MFA) reported that it has granted 289 credits over the first quarter of 2007. Up to date, the Fund has provided 724 mortgages in the amount of AZN 24.62 million. The average interest rate was 6.3% the lowest was 5%. The average mortgage term was 18 years, the shortest being 3 years. The average monthly mortgage payment amounted to AZN 241 with the lowest amount being AZN 54. The average loan was AZN 34,000, with the smallest loan so far approved being AZN 5,260.
The average size of apartments were reported to be 57 square metres, the smallest being 14 square metres. The average cost of an apartment came to AZN 41,908, the cheapest costing AZN 9293.
The MFA finances mortgages through 23 authorized banks. The 2006 State budget allocated AZN 26 million for the MFA, and 20 million for 2007.