Yerevan/Mediamax/. “VTB Bank (Armenia)” joined the governmental target project “Affordable Dwelling for Young Families”.

General Director, Chairman of the Board of “VTB Bank (Armenia)” Directors Valeri Ovsyannikov stated that “we are glad to join the state’s initiative and support young families in purchasing their own apartment”.

According to “Affordable Dwelling for Young Families” project, families, which meet the following parameters, may receive a credit.

- one of the spouses is a citizen of Armenia at the age of 18-30;
- summary age of the spouses does not exceed 60 years;
- age of each of the family members does not exceed 35 years;
- age of a single parent does not exceed 20 years.

Mortgage credits are issued in AMD at the annual interest rate of 9.5-10%, 2% of which are subsidized by the state. Thus, the borrower receives a mortgage credit at the interest rate of 7.5-8%. The maximum credit repayment term makes 20 years, the maximum price of the purchased dwelling – 16mln AMD, the prepayment starts from 30% of the apartment cost.