Mortgage loans totals 345.44mln manta in Azerbaijan

The Azerbaijan Mortgage Fund (AMF), acting under the Central Bank granted a 95.54 million manat loan or over than $121 million in 2011, according to statistical report published on AMF website on Friday. A total of 9.66 million manat was allotted in loan in December.

Mortgage loans totaling 345.44 million manat was granted from 2006 to 2011. The total amount of refinancing loans, which the banks issued before, amounted to 77 million manat for 2011. Some 20 million manat has been allocated to finance the social mortgage by the 2011 state budget.

Conventional mortgages financed by placing mortgage bonds. The AMF has placed bonds worth 77 million manat during 2011. Youth and young families account for 72 percent of total loans (41 per cent of borrowers aged 18-29 years, 31 percent - 30-35 years old) and 28 percent of loans accounted for borrowers over 36 years.


/Trend/