More than state-funded 70 mortgage loans lent in Azerbaijan, August

More than state-funded 70 mortgage loans lent in Azerbaijan, August
# 10 August 2009 15:38 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. During the first five days of August, the authorized banks of Azerbaijan Mortgage Fund have received about 100 applications for mortgage loans worth of $4 million manats in total and issued more than 70 mortgage loans totaling 3 million manat.

Azerbaiajn Mortgage Fund said more than AZN 20 million has been distributed during two months after the government-funded mortgage lending restarted in June given that only AZN 5.6 million was lent in loans during 2006.

An average loan has a maturity term of 24 years and an interest rate of 7.5% per year.
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