Int'l groups seek to fund mortgage loans
International groups are seeking close involvement in financing the
allocations of mortgage loans in Azerbaijan, the central banker
says.
The lenders plan to disburse $100 million for the purpose, the National Bank (NBA) board chairman Elman Rustamov told ANS TV channel.
He noted, however, that international organizations are looking to allot the amount on commercial terms. The government is unwilling to undertake such credit allocations and is considering financing social mortgage loans itself, the banker said.
20 million manats (almost $24 million) was designated for mortgage lending this year, but the allocations were suspended in mid-2007 as the funds ran out. The funds to be allocated for mortgage loans from the state budget next year will be raised 70% to $41,6 million.
The loans will be socially-oriented, i.e. aiming to improve housing conditions for low-income families, and no funds will be disbursed by the state since 2008 for commercial mortgage allocations, Finance Minister Samir Sharifov said.
The maximum interest rate for regular loans disbursed by the Mortgage Fund is 8%, while that for social mortgages - 4%.
The lenders plan to disburse $100 million for the purpose, the National Bank (NBA) board chairman Elman Rustamov told ANS TV channel.
He noted, however, that international organizations are looking to allot the amount on commercial terms. The government is unwilling to undertake such credit allocations and is considering financing social mortgage loans itself, the banker said.
20 million manats (almost $24 million) was designated for mortgage lending this year, but the allocations were suspended in mid-2007 as the funds ran out. The funds to be allocated for mortgage loans from the state budget next year will be raised 70% to $41,6 million.
The loans will be socially-oriented, i.e. aiming to improve housing conditions for low-income families, and no funds will be disbursed by the state since 2008 for commercial mortgage allocations, Finance Minister Samir Sharifov said.
The maximum interest rate for regular loans disbursed by the Mortgage Fund is 8%, while that for social mortgages - 4%.
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