Azerbaijan launches receiving applications for mortgage lending

Baku. 24 November. REPORT.AZ/ Attorney banks of Azerbaijan Mortgage Fund (AMF) OJSC started to accept citizens applications for mortgage loans on http://www.e-ipoteka.az/. Report informs, referring to the Fund.

Mortgage loans are released with participation of attorneys. Attorney organizations are selected by AMF, in conformity with Regulations for selection and assessment of attorney banks, insurers and assessors. Agreements with number of organizations have been signed based on this regulation.

Banks, insurers and assessors desiring to be recruited as attorneys apply to the fund; additional information on new attorneys will be announced.

Notably, AMF cooperates only with 8 attorneys: AGBank, Azer-Turk Bank, Bank Avrasiya, Bank BTB, Khalq Bank, Kapital Bank, NBC Bank and PASHA Bank. Untill recently the number of attorneys was 25. 

Notably, Financial Markets Supervision Chamber (FMSC) has registered issue prospectus of 50,000 uncertified, interest, mortgage secured bonds with par value of 1,000 AZN.

n addition, number of authorized insurance companies of the fund has reduced by 4-5 times. Now AMF cooperates with four companies – ‘Gala Hayat Sigorta’, ‘Gala Sigorta’, ‘PASHA Hayat Sigorta’ and ‘PASHA Sigorta’. Only these companies can implement credit life insurance and real estate, which is the subject of mortgage lending.

The number of authorized appraising companies of AMF decreased by 8 times - to 2 (Firm ‘Bilandar’ and MBA Ltd).