YEREVAN, July 31 /ARKA/. An Armenian-government drafted bill calls for the introduction of “mortgage vacation.” The bill is available on the e-draft.am electronic platform. The bill says that borrowers who appear in a “difficult life situation” are given the opportunity to take one-time mortgage vacation.
It says the lender’s obligation is to include information on the terms of mortgage vacation in the loan agreement.
The bill also defines conditions, which are considered “difficult life situations”.
“In case these conditions are met, the borrower can apply for a mortgage vacation for up to 6 months. After the grace period expires, payments must continue in accordance with the terms of the loan agreement,” the draft law says. -0-
