Average monthly amount of mortgage loan in Azerbaijan reaches historic highs

Finance Materials 9 March 2019 11:35 (UTC +04:00)

Baku, Azerbaijan, Mar. 9

By Azad Hasanli – Trend:

In January 2019, banks in Azerbaijan issued state mortgage loans worth 13 million manats, which is 11 percent less than the first month of last year, Trend reports referring to the report of the Central Bank of Azerbaijan.

In January, the volume of refinancing loans issued by banks earlier amounted to 22.9 million manats, according to the report.

The average amount of monthly loans issued by the authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund CJSC, amounted to 49,291.9 manats in January (this figure stood at 45,323 manats in January 2018), which is the highest figure for the duration of the Fund in the country. The average loan disbursement period was 281 months (unchanged compared to January last year), while the average annual interest rate was 6.55 percent (6.63 percent a year earlier) and the average monthly payment was 348.1 manats (323.4 manats).

In general, from 2006 to the present, the authorized credit organizations of the Fund have issued 25,201 mortgage loans totaling over 1.2 billion manats.

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 AZN on March 9)

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