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Bank Standard lends 34 mortgages worth AZN 668,476

24 January 2007 [00:06] - TODAY.AZ
Bank Standard, as an authorized bank of the Azerbaijan Mortgage Fund, lent 34 mortgage loans worth AZN 668,476 during 2006.

The First Deputy Chairman of the Management Board of the Bank, Javid Guliyev, told the APA the bank was the firs to lend a mortgage loan in Azerbaijan and allowed mortgages in regions through its branches in Ganja and Lenkeran at the end of last year.

"Annual interest rates on the mortgage loans were cut to 6% so as to improve and simplify mortgage lending process. The new rates are applicable to previously lent loans too," he said.

Bank Standard lent 17 mortgage loans worth AZN 428,160 within commercial mortgage program called Manzilim.


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