THE RESIDENTS OF GYUMRI CANNOT GET HYPOTHEC LOANS

A1+
[08:42 pm] 07 June, 2006

The volumes of money transfer into Armenia surpass the annual budget
of the country forming about 1 billion USD. Nevertheless, the money
transfers received by the residents of the country are not mentioned
in any documents and cannot be basis for getting hypothec loans.

The concept of hypothec loans is a new one in Armenia and although
there are a number of homeless people in Gyumri, not many of them
are willing to buy a house by hypothec loan. The reason is that in
order to get the loan the citizens must have a monthly income of at
least 500 USD, prove it with documents and be able to pay a monthly
sum of 300 USD to the bank.

TV Company “Tsayg”, Gyumri