Bank Of Baku

Bank of Azerbaijan lends first mortgage loan

Bank of Azerbaijan lends first mortgage loan
# 02 July 2009 14:13 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. Bank of Azerbaijan has lent its first mortgage loan following the resumption of state-funded mortgage lending programme in the country.

The bank said it allowed a loan of AZN 46 410 to a borrower for 25 years to buy a two-bedroom home on the secondary market.
The borrower took out the mortgage loan two weeks after he applied.
Since the resumption of state-funded mortgage lending programme in June 11, Azerbaijan-based commercial banks have extended mortgage loans of AZN 1 million in total to 20 people.
Owned by NEM Holding and two individuals, Bank of Azerbaijan has been in operation since 1993.
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THE OPERATION IS BEING PERFORMED