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BANK VTB ARMENIA JOINS AFFORDABLE HOUSING FOR YOUNG FAMILIES PROGRAM
/ARKA/
April 19, 2010
YEREVAN
Russia-owned Bank VTB Armenia has joined a new program of the Armenian
government designed to spur mortgage lending in the country and help
hundreds of young families buy apartments.
A press release by the bank said VTB Bank Armenia began offering
mortgage loans to young families wishing to buy homes. It said loans
are provided in Armenian national currency Dram at 9.5%-10% interest
rate, 2% of it is subsidized by the government. The maximum repayable
period is 20 years, the maximum amount of a loan is 16 million Drams
and the down payment is 30%.
'We are happy to join the initiative of the Armenian government and
support young families living in Armenia to buy apartments. VTB Bank
Armenia will join all such projects because we are sure that this way
we are making our contribution to development of Armenia's economy
and improvement of social conditions of its people,' the bank's CEO,
Valery Ovsyanikov was quoted as saying.
The program was approved by the government in late January. According
to it, the Central Bank of Armenia provides 3 billion Drams ($8
million) to finance the first phase of the program which is supposed
to benefit up to 300 young couples lacking adequate housing. Ppublic
funds will also be used for "subsidizing" housing loans borrowed from
commercial banks.
/ARKA/
April 19, 2010
YEREVAN
Russia-owned Bank VTB Armenia has joined a new program of the Armenian
government designed to spur mortgage lending in the country and help
hundreds of young families buy apartments.
A press release by the bank said VTB Bank Armenia began offering
mortgage loans to young families wishing to buy homes. It said loans
are provided in Armenian national currency Dram at 9.5%-10% interest
rate, 2% of it is subsidized by the government. The maximum repayable
period is 20 years, the maximum amount of a loan is 16 million Drams
and the down payment is 30%.
'We are happy to join the initiative of the Armenian government and
support young families living in Armenia to buy apartments. VTB Bank
Armenia will join all such projects because we are sure that this way
we are making our contribution to development of Armenia's economy
and improvement of social conditions of its people,' the bank's CEO,
Valery Ovsyanikov was quoted as saying.
The program was approved by the government in late January. According
to it, the Central Bank of Armenia provides 3 billion Drams ($8
million) to finance the first phase of the program which is supposed
to benefit up to 300 young couples lacking adequate housing. Ppublic
funds will also be used for "subsidizing" housing loans borrowed from
commercial banks.