Fri, 19 September
14.1 C
Yerevan
USD: 382.59 RUB: 4.62 EUR: 452.83 GEL: 140.01 GBP: 522.58

Ten Armenian commercial banks ready to join new mortgage lending scheme

YEREVAN, February 20./ARKA/. Ararat Ghukasian, chairman of the Association of Armenian Banks, said today 10 Armenian commercial banks said they are ready to join a government-backed program aimed at spurring the mortgage lending in the country. The program is designed for young families and is expected to help hundreds of young families buy apartments.

Under the program the Central Bank of Armenia (CBA) will provide 3 billion Drams ($8 million) to finance the first phase of the program. An eligible family can receive a mortgage loan worth up 16 millions Drams, repayable in at least ten years.

Ararat Ghukasian said loans will be provided at 10.5% interest rate, of which 2% will be subsidized by the government. An eligible family is a family in which the total age of both parents is not above 60 and their monthly income is 300,000-350,000 Drams. The income may include also financial support of relatives and friends. Ararat Ghukasian declined to name the banks which are ready to join the program.

On February 16 the Central Bank registered a universal crediting organization Apartments to Young People that will be handling the program.

Earlier prime minister Tigran Sarkisian said young families would be able to apply for the assistance already in the first quarter of this year and if the scheme’s first phase proves a success it will be expanded to cover thousands of families. ($1 – 381.58 Drams) -0-

spot_img

POPULAR

Investments without myths: CEO of Cube Invest on opportunities, risks and development prospects of Armenian capital market

Investments in the modern world are not only an opportunity to increase capital but also a powerful tool for economic development.

Armenia is experiencing an investment boom: opportunities, barriers and main misconceptions

Armenia's investment market is experiencing a period of active development: the number of issues is growing, digital technologies simplify access to financial instruments.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Central Bank of Armenia initiates discussions on draft by-laws related to Law on Cryptoassets

The Central Bank of Armenia is set to conduct a public discussion on  the draft by-laws essential for implementing the Law on Cryptoassets, which became effective on July 4 of this year, as reported by the regulator's press service.

Market capitalization in August increased by 41.4% year-on-year to 460 billion drams – Armenia Stock Exchange

Armenia Stock Exchange (AMX) has summarized the trading activity for August 2025. The month showed a dynamic trading environment, highlighting growing investor confidence and market activity.

LATEST NEWS

spot_imgspot_imgspot_img