TODAY.AZ / Business

National Bank new proposals on mortgage disbursements and term

26 May 2006 [13:24] - TODAY.AZ
Azerbaijan National Bank (ANB) proposes to soften mortgage conditions on preliminary disbursement and term.

Elman Rustamov, ANB Board Chairman, has told the media that he feels no need to improve Law on Mortgaging. However their proposals to soften mortgaging rules might be applauded by mortgagors.

"Proposals are related to both preliminary disbursement and term. Discounts in interest rates are quite a problem. Pursuant to the Mortgage Fund survey results, 80% of respondents became interested in the application of discounts for preliminary disbursement," he said.

He has also told that 20 mortgages have been officialized theretofore, APA informs.

"Apartments with about 50 square metres were bought with mortgages granted. Average sale value is nearly AZN20 thousand. Banks' interest rates may descend as the economic situation in Azerbaijan develops," he added.

Starting since March, 1 this year and being financed by state budget, mortgages carry 12% annual interest rate and are given in 3-15 term of years.


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