​Azerbaijan expands scope of preferential mortgage loans

Baku. 7 October. REPORT.AZ/ Azerbaijan may expand the group of populations, which are provided with the issuance of preferential (social) mortgage loans.

Report informs, it was stated by the Finance Minister Samir Sharifov.

The volume of issued mortgage loans by banks authorized by the AMF (Azerbaijan Mortgage Fund) at the beginning of this year amounted to 632 466 000 AZN, the number of mortgage loans reached 15,829.

The state program of mortgage lending was launched in Azerbaijan in 2006. Now the initial payment on a conventional mortgage is 20%, it is issued for 25 years at 8% per annum. The maximum loan amount is 50,000 AZN. The initial payment at a social mortgage is 15%, the annual interest rate is 4%. The maximum loan term is 30 years.

To date, 30 banks have been included in the list of authorized credit institutions.

A fund with a perfect mechanism for asset management volume 588 million AZN and "BBB-" rated with "stable" forecast is one of the leading financial institutions in the capital market of the country.