Azerbaijani Credit Bank Ceases Social Mortgage Program
Azerbaijan, Baku / corr Trend I.Khalilova / So far, the Azerbaijani Credit Bank (ACB) has allocated seventy-five mortgages through the Azerbaijan Mortgage Fund (AMF), functioning at the National Bank of Azerbaijan.
Zahir Aliyev, the Chairman of the Managing Board of the ACB, noted that the total amount of the mortgage portfolio exceeds AZN 2mln.
The mortgage credits were allotted with the rate of 5% a year. Loans for social mortgaging were not allocated through the Azerbaijani Mortgage Fund due to an absence of applications.
Following the NBA's recommendation to cease receiving mortgage applications, the Azerbaijani Credit Bank also ceased mortgage financing. "It is too early to speak on the application of a private mortgage program. Initially, it is necessary to view the terms on continuing the implementation of the State Mortgage Program. Then, the supervisory council, the management, and shareholders will make a decision, because mortgage is a long-term tool," Aliyev stressed.