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GOVERNMENT OF ARMENIA TO APPROVE 60 MILLION DRAMS TO SUBSIDIZE INTEREST RATES UNDER PROGRAM "AFFORDABLE HOUSING TO YOUNG FAMILIES"
ArmInfo
25.02.2010
ArmInfo.The Government of Armenia approved 60 million drams to
subsidize 2% of interest rates under national program of Affordable
Housing to Young Families, Thursday. Deputy Minister of Finance
Pavel Safaryan presented the project and said that the amount will
be provided in the first half of 2010.
Earlier on February 16 the Central Bank of Armenia (CBA) registered
the Universal Credit Organization "Housing for Young Families" on the
basis of the Bill on national target program of affordable housing
to young families approved by the Government of Armenia on Jan 29 2010.
This is a social program consisting of two components. Mher
Yedigaryan, Housing for Young Families UCO Executive Director says
the first component is government subsidizing of interests on the
mortgage loans and the second component is provision of inexpensive
resources to lending companies for on-lending to young families on
preferential terms. Loans will be provided at the annual interest of
10.5%, including 2% to be subsidized by the government. The value of
the property must not exceed 16 mln AMD, and the requested prepayment
will be 30% of the housing value. The loans will be provided for up
to 10 years. Contenders for loans under the given state program are
the family couples, whose summary age does not exceed 60 years. At
the same time, either of the persons is not to be older than 35. In
addition, a single parent under 30 may also make use of the program.
To receive a loan, the average monthly budget of young families
including assistance by parents and relatives should be 300-350
thsd AMD.
ArmInfo
25.02.2010
ArmInfo.The Government of Armenia approved 60 million drams to
subsidize 2% of interest rates under national program of Affordable
Housing to Young Families, Thursday. Deputy Minister of Finance
Pavel Safaryan presented the project and said that the amount will
be provided in the first half of 2010.
Earlier on February 16 the Central Bank of Armenia (CBA) registered
the Universal Credit Organization "Housing for Young Families" on the
basis of the Bill on national target program of affordable housing
to young families approved by the Government of Armenia on Jan 29 2010.
This is a social program consisting of two components. Mher
Yedigaryan, Housing for Young Families UCO Executive Director says
the first component is government subsidizing of interests on the
mortgage loans and the second component is provision of inexpensive
resources to lending companies for on-lending to young families on
preferential terms. Loans will be provided at the annual interest of
10.5%, including 2% to be subsidized by the government. The value of
the property must not exceed 16 mln AMD, and the requested prepayment
will be 30% of the housing value. The loans will be provided for up
to 10 years. Contenders for loans under the given state program are
the family couples, whose summary age does not exceed 60 years. At
the same time, either of the persons is not to be older than 35. In
addition, a single parent under 30 may also make use of the program.
To receive a loan, the average monthly budget of young families
including assistance by parents and relatives should be 300-350
thsd AMD.