OREANDA-NEWS. February 16, 2010. One of leading credit institutions of Azerbaijan the Bank Standard (BS) has stopped temporarily own program of mortgage lending “My flat”.

First Deputy of CEO of the bank Javid Guliyev informed that the  program has been suspended because its conditions (rate 15-18%) are in demand less in comparison with financing terms under standards of the Azerbaijan Mortgage  Fund (AMF) at the Central Bank of Azerbaijan (CBA).

“Nevertheless, our specialized branch for mortgage lending continues effective activity. In particular, it provides such quality of documents preparation that we do not have problems with refinancing by AMF,” J. Guliyev said.

By early 2010 mortgage portfolio of the bank made AZN 16.9 million.

At the same time  Javid Guliyev informed that in prospect the bank will continue holding negotiations with foreign financial institutions concerning joint funding  or joint mortgage programs.