6 PERCENT INTEREST ON MORTGAGE LOAN
KarabakhOpen
23-10-2007 10:54:49
The residents of Stepanakert and the regional centers can get
a mortgage loan with only 6 percent interest, said the minister
of finance Spartak Tevosyan in a consultation on mortgage loan
yesterday. The heads of all the banks of Karabakh participated in
the consultation.
The minister presented the details of lending which are not final yet
and said the funds allocated for mortgage lending may be boosted. "VTB
and Artsakhbank responded to the president’s appeal, which offer loans
with 10-12 percent interest," Spartak Tevosyan said. The government
will be subsidizing 6 percent, which means that the borrower will pay
only 6 percent interest, but the banks cannot set the interest rate
above 12 percent. In addition, the period of repayment is 20 years.
In answer to Karabakh-Open.com how many mortgage loan applications
the government can subsidize, Spartak Tevosyan said the government
is ready to subsidize all.
As to the funds allocated by the government for mortgage lending over
the past two years, the minister said the demand is high, the sum
which totals 700 million drams is too little to finance it. Besides,
the mechanisms of lending have not been worked out. In answer to
the question whether mortgage loans will be available this year,
the minister said: "It is difficult to tell."