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United Credit Bank to launch mortgage program by yearend

United Credit Bank to launch mortgage program by yearend

17 November 2009 16:30 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. Shareholders of Azerbaijan-based United Credit Bank will allocate funds for to launch a self-financed mortgage program, said Vahid Aliyev, Deputy Chairman of the Bank.

â€œA general meeting of shareholders will soon be held in this regard. The meeting will discuss the increase in total capital by 10 million to AZN 23.033 million, and other current issues,â€ he added.

According to him, the mortgage loan portfolio has not yet been determined because the mortgage portfolio will be formed from the funds allocated directly from the total equity capital.

He added that the mortgage loans will be lent for no less than 2 years, and interest corridor, down payment, minimum and maximum amounts wil be determined depending on market conditions.

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