Internally displaced people receive 38% of concessional mortgage loans

1,103 mortgage loans worth AZN 44.625 million were issued during the first five months of this year, of which 931 loans have been financed, AMF Executive Director Faig Mammadov told a press conference on mortgage lending results.

He added that an average mortgage amount was AZN 37,235 at annual interest rate of 6 percent for 20 years with AZN 259 monthly annuity and the mortgage apartment was 60 sq. m, price AZN 46,532, AZN 779 per sq. m, the mortgagor's monthly income AZN 815, required earnings AZN 370 and the age was 30. 55 percent of the mortgagors were between 26 and 35 year old.

He noted that 70 people received concessional mortgages after the start of preferential mortgage lending process was initiated in January this year.

"38% of these mortgagors were internally displaced people, 35% were servicemen, 17% were civil servants, 6% were scientific researchers and 4% were sportsmen," he said.

In regions mortgage loans were most issued in Sumgait (40% and Gandja (26%). Technikabank ranked the first among the IMF authorized organizations for lending mortgages. APA-Economics