Baku, Azerbaijan, Dec. 7
The value of mortgage loans issued in Azerbaijan at the expense of the country's Mortgage and Credit Guarantee Fund since 2006 has reached 1.2 billion manats, and the number of families the housing conditions of which have been improved thanks to mortgage loans, has reached 25,000 people, Trend reports referring to the Fund's message.
This year, the process of issuing mortgage loans accelerated and as of the end of November, the authorized banks issued 3,528 loans totaling 241.7 million manats (including 2,428 ordinary loans worth 172.46 million manats and 1,100 concessional loans worth 69.24 million manats).
Compared to the same period last year, the portfolio of mortgage loans increased by 69 million manats or 40 percent. Thus, in January-November last year, 2,687 loans worth a total of 172.7 million manats were issued.
This year, mortgage loans were issued for the first time for the purchase of housing owned by the State Agency for Housing Construction under the President of the Republic of Azerbaijan. Thus, as of late November, 217 individuals received preferential loans worth 9.6 million manats for the purchase of housing owned by the State Agency, while 13 individuals were issued mortgage loans worth 450,000 manats under usual conditions.
The authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund include 25 banks of the country (for mortgage lending), 10 banks (for credit guarantees), as well as 17 insurance companies and 13 appraisal organizations.
($1 = 1.7 manats on Dec. 7)