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Mugan Bank lends AZN 5 million worth of state-funded mortgage loans in June-September

Mugan Bank lends AZN 5 million worth of state-funded mortgage loans in June-September

20 October 2009 16:29 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. As of October 1, Mugan Bank has lent mortgages worth AZN 5 million following the resumption of the government-funded mortgage lending programme in Azerbaijan in June,

The bank said loans were lent to 197 persons who applied to tale out mortgage loans.

Note that since the resumption of the first mortgage loan in the amount of 13,1 thousand manat was issued Mugan Bank July 29, 2009.

Accordign to the terms of the mortgage programme, Mughan Bank lends mortgage loans worth of no more than AZN 50 000, in the national currency at 8% per annum for a term of 3-25 years.

Owned by 4 individuals, Mugan Bank has been in operation since 1992.

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