Authorized banks cut mortgage interest by 30-40%

The annual interest rate has been reduced to 7.8% from 12%, APA reports.

Bank Respublika and Unibank have cut the annual mortgage interest to 7%, Atabank, Kapitalbank, Azerdemiryolbank, Caucasus Development Bank, NIKoil and Khalq Bank to 8%.

Azerbaijan Mortgage Fund set its annual interest at 2% (6% previously) on November 20. This decision making easier people's access to mortgage credits was welcomed by the National Bank of Azerbaijan.