GOVERNMENT TO EASE CONDITIONS OF FLATS FOR YOUNG FAMILIES: KARAMYAN

Tert.am
17.05.10

A government-implemented mortgage project Flats for Young Families
facing problems in practice, Deputy Minister of Sport and Youth
Policy of the Republic of Armenia, Arsen Karamyan said at a press
conference today.

"We have said after the program was launched that it should be
considered a pilot one," said he, adding that the program needs
some changes.

According to Karamyan, as soon as those changes are made, the
beneficiaries will be offered easier terms. The new terms will refer
to the prepayment, payoff deadline and age restrictions. Particularly,
the government will offer the beneficiaries to pay 25% prepayment
instead of the current 30%; as well we extend the time for the payoff
from 10 years to 15 years.

"There will be more applicants as soon as the term is eased," said
Karamyan, adding that about 20 families have been given flats, while
the 60 applications are still under review.