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UniBank to offer more expensive mortgage loans next year

28 November 2008 15:39 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaiajnâ€™s UniBank intends to offer mortgage loans under new terms next year.
Faig Huseynov, Chairman of the Bank, said the bankâ€™s mortgage loan portfolio is AZN 40 million at present.
According to him, term and interest rates of mortgage loans will be changed next year in accordance with market conditions.
He said loans will be offered at 17-21% per annum but the term has not been defined yet.
Under the latest terms of UniBank, the amount of mortgage loans ranged from AZN 10 000 to AZN 150 000, the down payment was 30%, the term was 1-15 year and the annual interest rate was 17-19%.
As at October 1, UniBankâ€™s assets at AZN 467.235 million, loan portfolio at AZN 347.932 million, deposit portfolio at AZN 111.902 million, total capital at AZN 64.129million and share capital at AZN 15 million.
UniBank is owned by the EBRD (15.15%), DEG Investment Corporation (8.33%), legal entities (0.9%) and individuals (75.62%).