Tekhnikabank JSC plans to increase its mortgage portfolio by 85% to AZN 50 million in 2008. The index would be raised at the bank's own expense and also owing to the targeted credit lines the bank would probably receive from international financial institutions.
The bank has used $7.7 million of the $8 million borrowed from the Black Sea Trade and Development Bank for mortgage crediting in December, 2007. The money was lent at the annual interest of 12-16% over a six-year term.
Tekhnikabank's mortgage portfolio totals AZN 27.1 million, including the AZN 10.95 million lent in agreement with Azerbaijan's Mortgage Fund.