Mortgage lending in Azerbaijan up
Baku, Azerbaijan, Dec. 5
By Azad Hasanli – Trend:
In January-October 2018, banks issued loans worth 214.5 million manats through the Azerbaijan Mortgage and Credit Guarantee Fund CJSC, which is 43.86 percent more than in January-October 2017, according to the report of the Central Bank of Azerbaijan (CBA).
In October 2018, banks issued mortgage loans worth 31.3 million manats through the fund.
For ten months, 100 million manats were transferred from the state budget to the fund in February and September 2018.
According to the CBA report, in October 2018, the volume of refinancing of loans issued by banks earlier amounted to 22.6 million manats.
The average monthly amount of the loan issued by the fund’s authorized banks was 48,306.6 manats in October 2018 (43,915.1 manats in October 2017). The average period of the loan is 281 months (unchanged compared to a year earlier). The average annual interest rate is 6.57 percent (6.64 percent a year earlier). The average monthly amount for payments is 342.3 manats (313.5 manats a year earlier).
In general, the fund’s authorized lending institutions have issued 24,730 mortgage loans worth over 1.18 billion manats since 2006 and up till now.
The authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund CJSC are 25 banks (mortgage lending), 10 banks (credit guarantee), as well as 17 insurance companies and 13 appraisal organizations.
(1.7 manats = $1 on Dec. 5)
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