OREANDA-NEWS. October 22, 2009. “MuganBank” OJSC has been implementing a new program from the moment of resumption of mortgage lending by Azerbaijan Mortgage Fund (“AMF”) since July 1, 2009 and hence have approved  applications of   197 citizens for housing finance, reported the press-centre of MuganBank.

The  first mortgage loan in the amount of 13 100 AZN within the program was extended on June 29, 2009. The total amount of provided mortgage loans refinanced by AML amounted approximately 5 000 000 AZN as of the end of September. Almost all  of the potential borrowers who have applied “MuganBank” OJSC received endorement by the bank for housing finance. 

Today “MuganBank” OJSC continues providing finance to the population by holding a leading position in the field of mortgage lending.

It should be noted that “MuganBank” OJSC  is one of the listed agent banks of AMF under the Central Bank of Azerbaijan, from the very beginning of the AMF’S activity. Mortgage loans refinanced by AMF are provided by  “MuganBank” OJSC to citizens of the country in national currency, against security (collateralized real estate) evaluated by independent valuation companies. The maximum amount of such loans is 50 000 AZN, extended for the period of 3-25 years, with the annual interest rate up to 8%.