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Elman Rustamov: Azerbaijan will not change interest rate on government-funded mortgage loans

Elman Rustamov: Azerbaijan will not change interest rate on government-funded mortgage loans

08 May 2009 15:44 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan will not change the current interest rate on the government-funded mortgage loans, Elman Rustamov, Chairman of Central Bank of Azerbaijan, told APA-Economics.

â€œWe are currently trying to resume the issuance of mortgage loans on the same rates. Terms of mortgage loans will not undergo major changes either as they are in compliance with the current conditions,â€ he added.

However, Elam Rustamov did not rule the likelihood of revising the terms of mortgage lending in the near future.

According to him, depending on market conditions, the terms may be softened or tightened.

Azerbaijan Mortgage Fund has to date allocated 1900 mortgage loans at 6.2% per annum on average.

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