OJSC Bank of Baku that always watch over its customers interests now informs that since this August it will begin extending mortgage loans. Bank’s own mortgage lending program is directed on maximum satisfaction of the necessities of population.
Granting of loans to the population under mortgage is carried out at the expense of Bank of Baku’s own finances. Consideration of documents and credit registration is carried out in short terms. So, the maximum amount of a mortgage loan in Bank of Baku is AZN 50 (maximum 80% of mortgage subject cost), minimum term of the loan is three 3 months and maximum - 84 months. The size of pre-payment is equal to at least 20% of the cost of an apartment on credit. With an initial loan fee of 30% and above the annual interest rate is 19% (exception: if an apartment is in a new building then annual interest rate is 20%), with an initial fee of less than 30%, the interest rate reaches 20%,” it was reported.