Average monthly mortgage breaks historical record in Azerbaijan

2 January 2020 11:30 (UTC+04:00)

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As of late November 2019, Azerbaijani banks issued mortgage loans in the amount of 31 million manat ($18 million), which is half a million more than in the same period of last year, Trend reports referring to the Azerbaijani Central Bank’s November report.

Azerbaijani banks issued mortgage loans worth 158.6 million manat ($93.3 million) from January through November 2019, which is 34.5 percent less than in the same period of last year.

In accordance with the report, in November the volume of refinancing the loans issued by banks amounted to 7.5 million manat ($4.4 million). The volume amounted to 215.2 million manat ($126.6 million) from January through November 2019.

The average monthly amount of loans issued by authorized banks of the fund reached 50,632 manat ($29,783) in November, which is the highest indicator for the entire activity of the mortgage fund in the country. Last November this indicator amounted to 48,704 manat ($28,649).

The average loan repayment term was 281 months which remained unchanged compared to November 2018. The average annual interest rate is 6.4 percent (6.6 percent a year earlier), the average monthly payment is 354.4 manat ($208.5) - 344.7 manat a year earlier.

(1 USD = 1.7 AZN on Dec. 30)

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