Bank Standard lends 45 mortgage loans

Bank Standard lends 45 mortgage loans
# 20 August 2009 16:35 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Since the re-start of the state-funded mortgage lending programme in June, Azerbaijan-based Bank Standard has to date lent 45 mortgage loans.

The bank said 60 of 115 applicants were found eligible for taking out a mortgage.

With AZN 171 000 worth of social mortgage loans to 5 young families and servicemen, 45 mortgagors were lent AZN 1.880 million in total.
60% of homes were brought on the secondary real estate market.

As an agent bank of Azerbaijan Mortgage Fund, Bank Standard lends mortgage loans for a period of up to 25 years at an nnual interest rate of 8%. The social mortgage loans are available for up to 35 years at 4% per annum.

Bank Standard has to date lent AZN 12 million worth of 312 mortgage loans, including AZN 564 000 worth of 12 social loans since the start of cooperation with AMF.

Bank Standard, part of AB Standard Group, has been in operation since 1995.
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