Azerbaijan, Baku, Aug. 3 / Trend I. Khalilova /
Mortgage loans worth 50.2 million manat were given through the Azerbaijan Mortgage Fund (AMF), acting under the Central Bank, in January-July this year, the AMF said.
Loans worth 6.4 million manat were disbursed in July.
Mortgage loans worth 300.1 million manat were disbursed since 2006 until Aug. 1, 2011.
Conventional mortgage is financed through funds from placing mortgage bonds. The AMF placed bonds worth 44 million manat in January-July.
About 72 percent of total loans are given to youth and young families (41 percent of borrowers are aged 18-29 and 31 percent are aged 30-35). About 28 percent of the loans are given to borrowers who are above 36 years old.
At present, the maximum amount of regular issuance of mortgage in Azerbaijan by the AMF is 50 manat, at a rate of 8 percent, and the term of 25 years. The social mortgage is 35 manat, at an annual rate of 4 percent and a 30 year term. The initial payment, under the social mortgage, is 15 percent. Conventional loans are 20 percent.
At present, the AMF has 24 authorized banks.