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Bank of Azerbaijan to more than double state-funded mortgage lending

Bank of Azerbaijan to more than double state-funded mortgage lending

06 August 2009 15:50 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Bank of Azerbaijan intends to lend 100 mortgage loans through funding from Azerbaijan Mortgage Fund by the end of the third quarter.

The bank has to date lent AZN 1.5 million worth of 40 mortgage loans including one preferential loan since the restart of government-funded mortgage program in the country in early July.

The bank issues loans for 3-25 years at the interest rate of 8% per annum with 25% down payment.

Bank of Azerbaiajn has been in operation since 1993.

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