Azerbaijan, Baku / Trend corr I. Khalilova / Azerbaijani Government will soon discuss additional financing of mortgage crediting from public budget, the President of the National Bank of Azerbaijan (NBA), Elman Rustamov, said on 8 June. According to the President, 1,400 mortgage credits (AZN 52.4) were allotted at the expense of public budget- 2006. In total, the funds of the Azerbaijani Mortgage Fund make up AZN 46mln.
"I believe additional funds will be allotted. We have applied to the Prime Minister in this connection, although the matter has not been discussed at the Government yet. There are no reasons for concern, as there is a time difference between allocation of credits and first financing. Banks can proceed with mortgage crediting and can be sure that the credits they allot will be financed by the Government," Rustamov said.
According to Rustamov, Azerbaijani Mortgage Fund at the NBA will open a branch in the Nakhchivan Autonomous Republic of Azerbaijan. In sum, 97 mortgage credits have been allotted to the regions.
Average interest for mortgage credits in Azerbaijan makes up 6%, average period of repayment is 20 years, average area is 60 sq metres, and average age of a receiver is 30 years.