Unibank and Akkord Insaat Senaye Carry out Joint Mortgage Program
Azerbaijan, Baku / corr Trend U.Ismayilova / The commercial banks, Unibank and Akkord Insaat Senaye, signed an agreement on Mutual Cooperation. In accordance to the document, Unibank has launched a mortgage program for apartments in buildings built by Akkord Insaat Senaye, the bank announced.
"At present we plan to issue approximately 1,000 credits worth AZN 30mln. Earlier, the borrowers which acquired apartments from Akkord in credit, used to pay their monthly fees to Akkord Insaat Senaye. Now they will repay debts through Unibank," Faig Zeynalov, the Unibank Director for Realtor Services said.
However, no changes were introduced for borrowers in this process. The amount of their credit, term of repayment and amount of monthly fees were not changed. The only innovation is that now the debts can be paid off through the bank's branches.
In the future, Unibank also plans to increase its portfolio regarding similar types of crediting.
In summer, Unibank decreased its rates on private mortgage crediting.
The interest for credits, which the bank issues out of its own funds for purchase of real state, were considered in ANZ and USD. At present, the rate for mortgage crediting at Unibank ranges from 15% in AZN and from 18% in USD. The maximum amount of credit has so far been AZN 342,000 or $400,000, allotted for a maximum of ten years. Clients are to receive credit up to 70% of the total cost of the real estate purchased.