Mortgage lending value in Azerbaijan revealed
Baku, Azerbaijan, April 10
Over 1.2 billion manats were issued in Azerbaijan since 2006 until April 1, 2019 through the country’s Mortgage and Credit Guarantee Fund, Trend reports with reference to the Fund.
Over 26,000 families have been able to improve their housing situation through mortgage loans.
A part of these loans worth 380.3 million manats consists of mortgage loans issued to persons belonging to the category of beneficiaries. In general, during 2006–2019 (until April 1, 2019), 67.9 percent of those who used a mortgage loan accounted for young people and young families, and 19.5 percent of loans were issued in the Azerbaijani districts.
In 2017, 3,109 families received through the fund mortgage loans totaling 203 million manats, and mortgage loans totaling 273 million manats were issued to 3,960 families in 2018. During January-March 2019, 796 families received housing through mortgage loans worth 52.4 million manats.
Since 2018, the fund has been providing support for the purchase of preferential housing offered for sale through the State Agency for Housing Construction, by issuing mortgage loans. In January-March 2019 alone, 112 people received through the fund mortgage loans worth 5.3 million manats for the purchase of preferential housing owned by the State Agency. In general, as of April 1, 2019, the value of mortgage loans issued to finance preferential housing amounted to 15.4 million manats.
The Azerbaijan Mortgage and Credit Guarantee Fund (previously it was called the Azerbaijan Mortgage Fund) has been operating since 2006. 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.