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.
Other mortgage lending conditions at Bank of Baku:
- a credit is given to citizens of Azerbaijan Republic;
- minimum age of a loan-borrower - 20 years, maximum - 65 years by the date of last payment of the loan;
- a loan is given only for the purchase of an apartment at the primary or secondary housing markets in Baku and Khirdalan cities;
- if a purchased apartment is located in a new house, construction of the building must be completed fully.
Following documents are required to receive a mortgage in the Bank: 1) documents for consideration of a loan extension possibility; 2) documents for registration of mortgages; 3) documents required after mortgage registration.
At primary stage mortgages will be granted at the Bank of Baku point of service at the address: 42, Ataturk Ave, Baku.
For additional information about receiving a mortgage loan at Bank of Baku apply to Call Center at 145
.