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NIKoil Bank starts mortgage lending program from September

13 August 2007 15:45 (UTC +04:00)

NIKoil Bank will start a mortgage lending program from September this year.
The bank told APA-Economics that the proposals have been approved by the board and the Russian shareholders will allocate the funds for financing the program.
The bank will lend mortgage loans (the minimum amount is USD/EUR 20,000 and the maximum is USD/EUR 400,000) for 20 years at 14-16% annually.
The advantage of the program is that when considering application for mortgage loan, the additional earnings of the applicants will also be counted.
Nikoil Bank is owned by Russiaâ€™s Uralsib Financial Corporation (61%), Uralsib Invest (19%) and Azerbaijanâ€™s ISR Holding (20%).
As at April 1, the assets stood at AZN 75.889 million, loan portfolio AZN 55.749 million, deposit portfolio AZN 42.275 million, aggregate capital AZN 10.987 million and authorized capital AZN 8.956. /APA-Economics/