TODAY.AZ / Business

Mortgage Fund transact first refinancing with Bank Standard and Texnikabank

18 May 2006 [09:49] - TODAY.AZ
Azerbaijan Mortgage Fund (AMF) has transacted first refinancing with Closed Joint Sock Company Bank Standard and Open Joint Stock Company Texnikabank.

As APA informs, refinancing was provided during a day after submission of documents as stated in principal agreement.

"So first time for in Azerbaijan and entire Southern Caucasus region it was AMF who realized mortgage refinancing, thus following one of its functions" said a fund representative.

Mortgaging in Azerbaijan has officially started since March, 1 and there are 15 attorney banks which are International Bank of Azerbaijan, JSB Kapital Bank, JSCB Bank Standard, JSB Azerdemiryolbank, JSB Azerigasbank, Commercial Bank (CB) UniBank, JSB Atabank, OJSC Bank of Baku, CB Caucasian Development Bank, CJSC Kocbank Azerbaijan, JSB Respublika, CB Nikoyl, CB Texnikabank, CB Turanbank and JSB Xalqbank. 10 mortgages are given since March 1.

The creditors are Bank Standard, Texnikabank, Xalqbank, Turanbank, Nikoyl, Azerdemiryolbank UniBank.

Duration of AMF mortgages for Azerbaijani citizens is 3-15 years. Mortgage amount is AZN30 thousand (AZM150 million) and annual interest rate can not exceed 12%.

As regards to budget means transferred into the Fund, planned AZN6 million was transferred into AMF. Additional AZN20 million from state budget is to be transferred into.

URL: http://www.today.az/news/business/26226.html

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