Announcement

Collapse
No announcement yet.

Government Of Armenia To Approve 60 Million Drams To Subsidize Inter

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Government Of Armenia To Approve 60 Million Drams To Subsidize Inter

    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.
Working...
X