Mon, 30 June
26.1 C
Yerevan
USD: 384.32 RUB: 4.89 EUR: 450.23 GEL: 141.11 GBP: 527.56

Armenian government to cut rates on mortgage loans

YEREVAN, September 3. /ARKA/. The Armenian government is preparing unprecedented mortgage rates for the social housing program, designed for young families, Armenian Prime Minister Nikol Pashinyan said during a live Facebook broadcast on late evening on September 2. He recalled that over the past 45 days several local banks have announced a reduction in mortgage rates.

“There are banks that have reduced mortgage rates by 1-2%. Today, average rates on AMD mortgage loans are 11%, down one percent. This is not a bid drop, of course, but w hope this is the first step in that direction,” Pashinyan said.

He said also that the government has long been working on a social mortgage program, which has approached the final stage.

“In the near future we will unveil unprecedented mortgage rates for social housing program designed for young families. In particular, mortgage rates for buying homes at the secondary market will be 7.5% in Yerevan and up to 5.5% in the regions. Armenia has never had such mortgage rates. Besides, the total age of spouses will be raised from 65 to 70 years,” Pashinyan said.

He said there will be other mortgage programs which will also offer mortgage loans at 7.5% interest rate for buying homes from the primary real estate market.

He said if an apartment is bought in a newly-built building worth 20-25 million drams, the buyer will get back his/her payroll taxes. In this context, he pointed out the importance of ending the practice of unregistered employees so that citizens could fully use the benefits of this program. -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.

ADB forecasts inflation in Armenia at 3% in 2025 and 2.8% in 2026

The Asian Development Bank (ADB) forecasts inflation in Armenia at 3% in 2025, said Don Lambert, Director of the Bank’s Resident Mission in Armenia.

Central Bank of Armenia considering introducing long-term mechanisms for insurance against fraud

The Central Bank of Armenia is considering the possibility of introducing mechanisms for insurance against fraud.

Armenian banks  in 2024 increased profit by 61% to 363 billion drams – UBA

Armenia-based banks made a profit of 363 billion drams in 2024, an increase of about 137 billion drams, or 61%, compared to 2023,  Daniel Azatyan, the head of the Union of Banks of Armenia (UBA) told a press conference today.

Central Bank invalidated banking license of Ardshininvestbank due to its merger with Ardshinbank

The Board of the Central Bank of Armenia has revoked the banking license of Ardshininvestbank CJSC (formerly HSBC Bank Armenia CJSC) following its merger with Ardshinbank CJSC.

LATEST NEWS

spot_imgspot_imgspot_img