OREANDA-NEWS. September 09, 2009. The Bank of Baku made some changes in terms of leasing of real estate.

Bank of Baku reports that unlike other items of leasing, the term of leasing of immovables was extended up to 60 months (5 years).

“Interest rates were fixed as follows: up to 3 years - 22%, up to 4 years - 23% and up to 5 years - 24%. Sum was not changed – minimum AZN 20,000 and maximum up to 20% from the bank’s capital. First payment makes up 35%,” the Bank of Baku said.

In old terms grace period on leasing of real estate totaled 6 months (3 months without interruption). In accordance with new terms, the Credit Committee of the bank will define term of grace period.

Real estate, for which leasing is issued, should be estimated by independent evaluating companies.

Let’s remind that along with leasing of immovables, the Bank of Baku issues leasing in the sphere of trade, transport, production, services, construction, agriculture and tourism.