International Bank of Azerbaijan increases interest rate on mortgage loans

Baku. 11 July. REPORT.AZ/ International Bank of Azerbaijan (IBA) CJSC has increased the annual interest rate on mortgage loans by 2%. Report informs, the bank now allocates mortgage loans for its own account not under 8%, but 10% per annum.

The amount of down payment and credit terms have not changed. The loan with an initial contribution of 10% can be taken for a period of 20 years.

Notably, IBA is financing mortgage loans in such projects as ‘Kristal Abşeron’, ‘Bakı Ağ Şəhər’, ‘Renessanse Palace’, ‘Yeni Həyat’ and others.

Notably, IBA is the largest bank in the country. At the end of last year, the authorized capital of IBA amounted to 641,287 mln. AZN. This sum is formed from the face value of 2 375.1 million shares at 0.27 AZN each.

The Azerbaijani government on the base of Ministry of Finance owns 54.96%, non-governmental organizations - 8.49%, individuals - 36.55% of IBA shares. To date, the market value of each share is 0.07 AZN.