PEOPLE IN NAGORNO-KARABAKH CAN APPLY FOR HOME LOANS

ARMENPRESS
Feb 27, 2008

STEPANAKERT, FEBRUARY 27, ARMENPRESS: Residents of Nagorno-Karabakh
can now apply for home loans after the authorities have approved a
mortgage program.

All residents of Nagorno-Karabakh with a 10- year-long residency may
apply for loans to buy homes, a loan for apartment repair requires
a 3 year-long residency.

There is an age limit as loans should be repaid before the people who
take credits reach retirement age. The credit for home buying is 25
million Drams and 3 million for home repair with 12 and 15 percent
annual interest rates respectively.

Karen Yesayan, chief manager of Nagorno-Karabakh Investments Fund,
said the government will pay half of interest rates of home buying
loans. The loan is given for 20 years.