Yerevan /Mediamax/. 10 commercial banks of Armenia expressed readiness to participate in “Apartments for Youth” program.

Mediamax reports that Chairman of Union of Armenian Banks Ararat Ghukasyan said this today. The Mortgage program will start functioning within the nearest few weeks. Ararat Ghukasyan stressed that it is of social nature and is meant for young families.

Executive Director of “Apartments for Youth” UCO and the National Hypothec Company Mher Yedigaryan noted that banks will undergo classification to gain the right to participate in the given program.

The maximum price for the apartment within the framework of “Apartments for Youth” program
makes 16mln AMD. The maximum volume of credit within the framework of “Apartments for Youth” program makes 11mln 200 thousand AMD (70 % of the price), given 30% of prepayment and interest rate of 8.5%-9%. Banks will issue credits at the interest rate of 10.5%-11%, 2% of which will be subsidized by the state.

The maximum volume of credit within the framework of “Apartments for Youth” program makes 16mln AMD, given 30% of prepayment and interest rate of 8.5%-9%. Banks will issue credits at the interest rate of 10.5%-11%, 2% of which will be subsidized by the state.

Since July, 2009, the National Hypothec Company has issued 426 credits at the total volume of 3.1bln AMD, 300 of which were allocated for purchase of dwellings.