Today.Az » Business » Authorized banks cut mortgage interest by 30-40%
27 November 2006 [17:28] - Today.Az
The authorized banks of Azerbaijan Mortgage Fund have reduced mortgage interest rate as per the amendments to the mortgage law.
The annual interest rate has been reduced to 7.8% from 12%, APA reports. Bank Respublika and Unibank have cut the annual mortgage interest to 7%, Atabank, Kapitalbank, Azerdemiryolbank, Caucasus Development Bank, NIKoil and Khalq Bank to 8%. Azerbaijan Mortgage Fund set its annual interest at 2% (6% previously) on November 20. This decision making easier people's access to mortgage credits was welcomed by the National Bank of Azerbaijan.
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