OREANDA-NEWS. June 17, 2009. The Azerbaijan Mortgage Fund (AMF) under the Central Bank still works on refinancing mortgage loans extended under its line by agent banks.

According to the AMF statistics, since 2005 to 2009 its authorized credit organisations have extended mortgage loans amounting AZN 75.8 million.

“AZN 68.6 million out of this sum falls to the loans refinanced by AMF.” it was informed.

Thus, AMF has refinanced only 90.5% of mortgage loans extended by its agent banks.

Housing mortgage lending was launched on March 25, 2006. The AMF received AZN 70 million out of allocated AZN 94 million from State Budget in 2005-7. In 2008 demand for mortgage loans exceeded budget assignments, and since mid-June 2008 the Fund stopped financing mortgage loans under its standards.

The Government of Azerbaijan resumed mortgage since June 1, 2009 after editing the mortgage rules.