Yerevan, November 16 /Mediamax/. Armenian President Robert Kocharian believes that “the young families, which have a stable income, have the opportunity to take mortgage credits”.

Mediamax reports that, talking with the journalists after the opening of the Northern Avenue, Robert Kocharian stated the necessity of extending the given opportunity.

He noted that the realization of a large-scale construction project, such as the Northern Avenue, assisted the development of the mortgage crediting market in Armenia.

“We approved a serious package of laws, and we are very actively working with the German KfW bank. We are striving to reach the prolongation of repayment terms for mortgage credits up to 20 years and the decrease of interest rates and the state will have definite participation in the given process”, Robert Kocharian stated.

The President noted that in the course of the recent 3 years, the interest rates for mortgage credits decreased and the repayment terms were prolonged. According to the President, “if we manage to preserve the given trend in the course of the upcoming 2-3 years, the interest rates will become reasonable and the credits - long-term”.

At the same time Robert Kocharian noted that the banks will be careful, since “basing on the example of the U.S. market we saw that the conclusion of a large number of risky and non-secured mortgage deals led to the collapse of the market”.