VTB BANK (ARMENIA) JOINS AFFORDABLE HOUSING FOR YOUNG FAMILIES STATE PROGRAM
NOYAN TAPAN
APRIL 19, 2010
YEREVAN
YEREVAN, APRIL 19, NOYAN TAPAN. Under Affordable Housing for Young
Families state target program, VTB Bank (Armenia) offers mortgage
loans to young families for purchasing an apartment.
According to a press release of the bank, in order to receive a
mortgage loan under the Affordable Housing for Young Families program,
a family must meet the following requirements:
– at least one of the spouses is an Armenian citizen aged 18-30,
– the sum of the ages of two spouses must not exceed 60,
– at the same time, neither spouse must be above the age of 35,
– a single parent with a child, the parent must not be above the age
of 30.
Mortgage loans are provided in Armenian drams, at an annual interest
rate of 9.5-10%, 2% of which is subsidized by the state, i.e. a
mortgage loan is provided at an interest rate of 7.5-8%. The maximum
repayment period is 20 years. The maximum price of an apartment is 16
million AMD, the prepayment makes at least 30% of the apartment value.