Bank Standard Issued 45 Mortgage Loans from Mortgage Fund
OREANDA-NEWS. August 26, 2009. Since the re-start of the state-funded mortgage lending program in June, Bank Standard has approved 60 out of the 115 applications and has issued the 45 loans totaling at AZN 1 mln. 880 thousand, including 5 social mortgage loans totaling at AZN 171,000 that have gone to young families and military personnel, reported the press-centre of Bank Standard.
Bank Standard on-lends from AMF in AZN to the citizens of Azerbaijan; the loans are secured with real estate; the loan term is up to 25 years and the annual rate of interest is 8%. The social mortgage loans are to be given for up to 35 years under 4% annually.
As an agent bank of Azerbaijan Mortgage Fund, Bank Standard lends mortgage loans for a period of up to 25 years at an nnual interest rate of 8%. The social mortgage loans are available for up to 35 years at 4% per annum.
Bank Standard has been among the agent banks of AMF from the day the Fond started operating. Bank Standard continues collecting and processing mortgage loan applications in close cooperation with AMF. The Bank has on-lent 312 loans totaling at AZN 12 mln. from the very beginning of mortgage lending in Azerbaijan; those included 18 social mortgage loans totaling at AZN 564,000.
Bank Standard issued the first mortgage loan in the country in 2005. Through the in-house program Bank Standard has so far issued 160 mortgage loans totaling at AZN 6 mln.
Bank Standard has opened the first mortgage centre in the country as a specialized branch (www.ipotekastandard.az) to provide complex banking solutions to customers related to mortgage lending. This "Mortgage" Branch is serving almost as many as 500 customers at present.
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