BAKU, Azerbaijan, September 30. Azerbaijan has the most favorable mortgage lending conditions for citizens in the Commonwealth of Independent States (CIS), Director of the Mortgage Loans Department of Azerbaijan’s Mortgage and Credit Guarantee Fund Rasim Abdullayev said during media training, Trend reports.
According to him, the average cost of housing purchased through mortgage lending is 102,000 manat ($60,000), the average loan amount is 70,000 manat ($41,176), and the average annual interest rate is 6.2 percent.
The average interest rate on mortgage loans is 6.67 percent in Russia and 8.41 percent in Kazakhstan.
The Mortgage and Credit Guarantee Fund was established following the Presidential Decree in 2017 through the reorganization and merger of Azerbaijan Mortgage Fund OJSC and Azerbaijan Credit Guarantee Fund OJSC.