Tue, 1 July
14.1 C
Yerevan
USD: 384.47 RUB: 4.90 EUR: 450.83 GEL: 141.25 GBP: 526.80

UAMMM designs program for introducing partial insurance of mortgage liabilities

YEREVAN, March 3, /ARKA/. Gevork Bosnoyan, the executive director of the Union of Armenian Mortgage Market Members (UAMMM), said Tuesday a program designed to introduce a partial insurance of mortgage liabilities was very likely to be kicked off later this year.

He said the core of the program is to introduce here international mortgage standards, enlarge chances of choosing available housing and give a push to home construction sector. He explained that the program calls for cutting the amount of mandatory down payment size form current 30% of the loan to 15%.

He said if implemented this would allow borrowers to get a home buying loan in the amount of 80% of its cost. He said also the plan would apply to people with regular income which is not enough, however, to make the down payment. He further explained that the 15% of the down payment would be secured by an insurance company and that would allow banks to provide risk-free loans to potential borrowers.

He said the project would be fully ready for introduction at the end of the third quarter. He also said that four insurance companies – Rosgosstrakh, Sil Insurance, Nairi Insurance and Cascade Insurance have endorsed the project, which has also the backing of the International Financial Corporation.

The Union of Armenian Mortgage Market Members was founded in 2006. Its members are 20 banks, insurance and crediting organizations as well as construction firms.-0-

spot_img

POPULAR

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

Armenia’s budget remained in surplus through April, despite a projected deficit

Armenia’s budget remained in surplus through April, despite a projected deficit, according to World Bank's Armenia Monthly Economic Update – June 2025.

LATEST NEWS

spot_imgspot_imgspot_img