Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Kredo Bank will soon launch its mortgage program which will financed through the bank’s own funds.
Barat Piriyev, chairman of the bank, said the mortgage loan portfolio will be 5-6 million manats at the first stage and will be raised after negotiations with foreign financial institutions.
According to him, loans will be available for 7-10 years and interest rates will depend on the down payment.
Currently about 10 commercial banks launched their own mortgage programs in Azerbaijan besides mortgage loans distributed by banks through funding from the Azerbaijan Mortgage Fund.
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