AMF issues 51 loans worth 3.45M manats
By Nigar Abbasova
Agent banks of the Azerbaijan Mortgage Fund (AMF) issued some 51 credits worth 3.45 million manats ($ 1.80 million) in January 2017.
The authorized organizations of AMF have issued more than 18,162 mortgage loans worth 741.33 million manats ($ 386.81 million) since 2006.
Azerbaijan Mortgage Fund currently provides two types of product, including social (maximum period 30 years) and standard mortgage (maximum period 25 years), while the annual interest rate on services amounts to 4 and 8 percent respectively.
Mortgage is given only for an apartment or private house and its amount should not exceed 80 percent of the market value of the property. Mortgage payments cannot exceed 70 percent of the total monthly income of the borrower.
Loans are paid in the Azerbaijani manat (national currency) and given to citizens of the country.
Authorized organizations of the Fund include 8 banks (AG Bank, AzerTurk bank, Bank Avrasiya, Bank BTB, Xalq Bank, Kapital Bank, NBC Bank, Pasha Bank), 4 insurance companies (Qala Life, Qala Insurance, Pahsa Life, and Pasha Insurance), and 2 appraisal companies ( Bilandar and MBA Consulting Group).
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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