Mortgage rates in Azerbaijan are lower than in neighboring countries


October 1, Fineko/abc.az. As a result of sound competition in the field of mortgage lending created in recent years, borrowing banks offer mortgage loans with lower interest rates to the population, says the Azerbaijan Mortgage & Credit Guarantee Fund. 

In response to ABC.AZ inquiry, the Fund points out that despite the 8% maximum interest rate on ordinary mortgages, the average annual interest rate made up 7.3% on mortgages given in 2017-2019. The AMCGF also informs that in neighboring countries, where mortgage lending is more developed, interest rates on mortgage loans are higher than in Azerbaijan. In particular, in Russia interest rates on mortgage loans are 9-10%, in Kazakhstan 12-14%, and in Turkey 12%. 

Author: Elmir Murad