Azerbaijan: in July, 2009, mortgage loans have totaled $20 million
According to the Azerbaijan mortgage fund (AMF), in June-July, more than 400 citizens of Azerbaijan got mortgage loans for a total of over 17 million manats ($21 million). Thus, only in July, 2009, mortgage loans were issued for a total of 16 million manats ($20 million).
On the whole, AMF authorized banks have submitted over 1,200 applications for commercial mortgage loans. And the credit demand of these applications is 46 million manats ($57 million) in total.
At the same time, in June-July, 2009, banks have submitted only about 150 applications for social mortgage loans and all of them have totaled about 5 million manats ($6 million).
Commercial mortgage loans are issued in manats and only to citizens of Azerbaijan. A loan can’t exceed 50 thousand manats ($62 thousand), and its annual interest rate can’t be more than 8 percent.