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Mortgage loan
–loans,
issued by
authorized
credit
organizations to
a borrower with
the purpose of
obtaining
apartments,
against the
collateral of
fixed proeperty.
Bank of
Azerbaijan JSC
offers the
following
mortgage loans
to its customers
by the means of
AMF:
• Mortgage loans
should be issued
in AZN;
• Only citizens
of Azerbaijan
Republic can
take mortgage
loan;
• Maturity
period of the
loan is 3-25
years;
• The amount of
credit is 50 000
AZN;
• Maximum
interest – 8%
per annum;
• Amount of the
loan shall not
exceed 85% of
the market price
of the
underlying
property as of
the date of
issue of the
loan;
• Monthly
payments should
not exceed 70%
of the
borrower’s total
profit;
• The age of the
borrower should
not exceed the
pension age ,
determined by
the legislation,
for the date of
last payment;
• Mortgage loan
should be
ensured by the
mortgaged fixed
prioperty;
• Fixed
prioperty should
be estimated by
the independent
evaluator;
• Mortgage
holder should
obtain the state
registration
certificate in
accordance with
the legislation;
• The main loan
debt and accrued
interest should
be covered
monthly in equal
amounts(annuity
payment);
• Underlying
fixed property
should be
insured not less
than scope of
provided loan
based onm market
price
Documents
required for
obtaining the
mortgage loan:
1. Original and
copy of the
identification
card of debtor
(joint debtor);
2. Labour
contract of
debtor (joint
debtor) or copy
of his work-book
verified by
human recourses
department of
his workplace;
3. Documents
verified the
revenues of
debtor (joint
debtor) (main
and additional
reference from
workplace, if
any);
4. Estimation
certificate of
the mortgage
matter. Document
verified
property in
mortgaged
housing and
ground area
(extract from
the public
register);
5. Document
verified
mortgage
matter’s being
unencumbered
with any
obligations and
any restriction;
6. References of
persons having
residence permit
on mortgaged
residential
area;
7. The copy of
consent of
Husband/wife and
other adult
family members
should give
consent to
mortgaging the
apartments. In
case when the
owner of the
mortgage matter
is infant, the
copy of consent
of the patronage
and trustee
bodies
authorized
within the
bounds of his
interests is
requested.
İn case when
debtor is
private
entrepreneur the
following
additional
documents are
requested:
1. Certificate
(copy) verified
passing through
registration in
tax authorities
by entrepreneur.
2. Income tax or
simplified tax
statement
received from
tax authorities
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