Azerbaijani banks issued mortgage loans worth 37.3 million manat ($21.9 million) in April 2021, which is 3.2 times more compared to the same month of 2020, Trend reports citing the statistical bulletin of the Central Bank of Azerbaijan (CBA).
According to the CBA, in April alone, mortgage loans issued by banks in the amount of 27 million manat ($15.8 million) were refinanced.
“The average monthly amount of loans issued by authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund amounted to 54,052 manat ($31,795), which is the highest indicator for the entire period of the fund’s activity. In April 2020, the loans issued by fund’s authorized banks amounted to 51,493.7 manat ($30,290),” the Central Bank said.
As the CBA bulletin noted, the average maturity of loans in April 2021 was 282 months, an increase by 1 month compared to April 2020.
At the same time, the average annual interest rate was 6.34 percent, while a year earlier- 6.42 percent. The average monthly payment in April 2021 was 378.2 manat ($222.4), while in April 2020 - 360.2 manat ($211.8).
(1 USD = 1.7 AZN on May 28)