Azerbaijan, Baku / Trend corr U. Ismayilova / Bank Standard continues financing mortgage loans, which started about two months ago, through the Azerbaijan Mortgage Fund (AMF), the first deputy president of the bank, Javid Guliyev, said at a press conference on 25 June.
The public budget of 2007 allocated AZN 20mln to the AMF, but the fund only received AZN 3mln.
According to Guliyev, Bank Standard is continuing mortgage loans via an internal programme of the bank ('Manzilim'). A 'Menzilim' mortgage loan is a commercial programme where funds are lent to clients for a shorter period and at higher interest rates.
Guliyev said that the bank has intentions to develop the plan by extending the period and cutting interest rates for 'Manzilim'.
According to Guliyev, attraction of foreign finance for mortgage loans will depend on the interest of the international market in the Azerbaijani banking market.
"However, we do not rule out attracting foreign finance of mortgage loans in 2008- 2009," he said.
Bank Standard issued the first Azerbaijani social mortgage loan on 1 February, 2007 in the amount of AZN 26,648 for 25 years with an annual interest rate of 4%.