{"id":115103,"date":"2018-07-16T15:19:26","date_gmt":"2018-07-16T15:19:26","guid":{"rendered":"https:\/\/armbanks.am\/2018\/07\/16\/247664\/"},"modified":"2024-12-15T13:34:24","modified_gmt":"2024-12-15T13:34:24","slug":"mortgage-lending-program-with-lowest-ever-interest-rates-to-be-launched-in-armenia-soon-premier","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2018\/07\/16\/115103\/","title":{"rendered":"Mortgage lending program with lowest ever interest rates to be launched in Armenia soon – premier"},"content":{"rendered":"

YEREVAN, July 16. \/ARKA\/.<\/strong> Armenian Prime Minister Nikol Pashinyan, speaking live for Facebook users on Sunday, said a mortgage lending program with the lowest ever interest rates will be launched in Armenia soon.<\/p>\n

He agreed with citizens that interest rates on mortgage loans and other purpose loans are extremely high in Armenia.<\/p>\n

In his words, the government has also embarked on regulation of this problem, and officials have already met with bankers.<\/p>\n

\u201cInterest rates have already slid slightly,\u201d Pashinyan said. \u201cNow we want to implement a mortgage program of social purpose. Under this program, we will be able to drive the mortgage interest rate to the lowest ever level.\u201d<\/p>\n

Pashinyan said that necessary measures are being taken now to make mortgage loans more affordable to ordinary citizens. In particular, the prepayment amount may be reduced and repayment terms extended.<\/p>\n

The premier remembered that the government-initiated legislative changes were made recently in Armenia. They allow banks to forgive the fines and penalties imposed on borrowers for repayment delays.<\/p>\n

He expressed hope that interest rates on loans will continue their downward motion.<\/p>\n

Along with that, Pashinyan pointed out the problem related to credit organizations and numerous cases of fraud in this area adding that this problem is already taken up.<\/p>\n

He also said that there are no similar problems in the banking sector or they are not so noticeable.<\/p>\n

The prime minister said that interest rates depend on the money supply in a country \u2013 if money supply is scant in the country, then interest rates are high, and if there is much money, interest rates are low.<\/p>\n

\u201cWe have some ideas in this context,\u201d he said adding that improvement of business environment in the country may attract foreign investments here.<\/p>\n

According to the central bank\u2019s reports, interest rates on dram loans went 1.48 percentage points down to 12.26%.<\/p>\n

The average interest rate on mortgage loans stood at 11.3% in late May.<\/p>\n

In 2010, \u2018Affordable Housing for Young Families\u2019 program was launched in Armenia. Subsidies under the program were equal to 2% in Yerevan and 4% in the country\u2019s provinces.<\/p>\n

Mortgage lending programs \u2018Affordable Housing for Young Specialists\u2019 and \u2018Affordable Housing for Servicemen\u2019 are being implemented in Armenia as well. -0—<\/p>\n","protected":false},"excerpt":{"rendered":"

Armenian Prime Minister Nikol Pashinyan, speaking live for Facebook users on Sunday, said a mortgage lending program with the lowest ever interest rates will be launched in Armenia soon<\/p>\n","protected":false},"author":1,"featured_media":166435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[15837,13168,12727,14753,12313,12624,524],"class_list":{"0":"post-115103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-en","8":"category-news","9":"tag-armenia-2","10":"tag-interest-rates","11":"tag-lending","12":"tag-lowest","13":"tag-mortgage","14":"tag-premier","15":"tag-524"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/115103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=115103"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/115103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/166435"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=115103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=115103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=115103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}