Azerbaijan Mortgage Fund has let the authorized organizations that it would not finance 200 of the mortgage loans because of “technical mistakes†in mortgagor paperwork.
“AMF finances mortgages that are in line with its requirement and legislation. The banks will have to remedy documents and sent to AMF,†the press service told APA-Economics.
From the state budget, AZN 6 million was earmarked for AMF in 2005 and AZN 20 million in 2006. 90% of mortgage loans were refinanced. AZN 20 million is allocated for AMF in 2007 to carry out financing on time.
Within the scope of mortgage lending process in Azerbaijan since March 2006, AMF has to date lent 1,000 mortgage loans, of which 700 have been financed. /APA-Economics/
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