TEN COMMERCIAL BANKS WILLING TO PARTICIPATE IN THE "APARTMENTS FOR YOUTH" PROGRAM
Nelly Danielyan

"Radiolur"
19.02.2010 16:58

10 commercial banks of Armenia have expressed readiness to participate
in the "Apartments for Youth" program, Chairman of Union of Armenian
Banks Ararat Ghukasyan told a press conference today. The mortgage
program will start functioning within the coming weeks.

Executive Director of the National Mortgage Company Mher Yedigaryan
noted that the banks will undergo checks and if they meet the
requirements, they will gain the right to participate in the program.

The maximum volume of credit within the framework of "Apartments for
Youth" program makes 16mln AMD, given 30% of prepayment and interest
rate of 8.5%-9%. Banks will issue credits at the interest rate of
10.5%-11%, 2% of which will be subsidized by the state.