Azerbaijani banks double mortgage lending in late Feb.2021

Finance Materials 29 March 2021 16:10 (UTC +04:00)
Azerbaijani banks double mortgage lending in late Feb.2021

BAKU, Azerbaijan, Mar.29

By Zeyni Jafarov - Trend:

Azerbaijani banks issued mortgage loans worth 40.8 million manat ($24 million) as of late February 2021, which is by 2 times more than in the same period of 2020, Trend reports citing the statistical bulletin of the Central Bank of Azerbaijan (CBA).

According to the CBA, in February 2021 mortgage loans issued by banks were refinanced in the amount of 20.3 million manat ($11.9 million), while loans worth 5.1 million manat ($3 million) were refinanced in the same month of last year.

Meanwhile, the average monthly amount of loans issued by authorized banks of the Mortgage and Credit Guarantee Fund amounted to 53,399 manat ($31,410), which is the highest indicator for the entire period of the fund's activity. The mentioned figure was equal to 51,004 manat ($30,000) in February 2020.

At the same time, the average loan maturity was 282 months, having increased by one month compared to February of last year. The average annual interest rate was 6.34 percent, while a year earlier - 6.42 percent, and the average monthly payment was estimated at 372.8 manat ($219.3) compared to 356.8 manat ($209.8) in February 2020.

(1 USD = 1.7 AZN on Mar.29)


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