Bank VTB Azerbaijan starts government mortgage lending

Baku: Bank VTB Azerbaijan has started to give mortgage loans through Azerbaijan Mortgage Fund (AMF).

Bank says the bank has been included in the list of AMF’s authorized banks since November.

AMF set out a limit for Bank VTB Azerbaijan till end of 2015.

“We have already joined the e-mortgage system too and this facilitates appeal procedures to the bank”, member of bank’s Management Board tural Valiyev said.

The mortgage loans through AMF standards are given to Azerbaijani citizens for 3-25 years with the maximum limit of AZN 50,000. Interest rate makes 8%, down payment – 20%.

Government mortgage program also includes preferential mortgage loans. These loans are given to members of martyrs’ families, national heroes, IDPs, civil servants with the work experience of at least 3 years, candidate of science and etc.

Interest rate for preferential mortgage loans makes 4%, down payment 15%, maximum limit AZN 50, period maximum 30 years.

SOURCE: AZERI-PRESS NEWS AGENCY

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