ARMENIAN GOVERNMENT ANNOUNCES MORTGAGE ASSISTANCE PROGRAM FOR FIRST-TIME HOME-BUYERS

Tert.am
14:32 ~U 29.01.10

Today, the Armenian government announced that it will begin a program
of securing affordable housing for young families. According to
Minister of Finance Tigran Davtyan, 3 billion AMD is been allocated
for the first stage of the program.

Funds will be distributed through banks, through the mortgage loans,
which the government will, to a certain extent, subsidize. According
to Davtyan, the mortgage loans will be given to first-time home-owners
at 8.9 to 9% for a 10-year term. Young families will require to make
a down-payment of at least 30% of the loan.

Armenian Prime Minister Tigran Sargsyan called this a very important
decision since it will allow thousands of new families to secure their
own homes. According to his calculations, families will be paying
130,000 AMD per month in mortgage payments – this, in a country
where the average salary (assuming one lives in the capital city)
is less than 100,000 AMD a month.

From: Emil Lazarian | Ararat NewsPress