Yerevan /Mediamax/.VTB Bank (Armenia) has started issuing mortgage loans within the framework of “Affordable housing for young scientists and creative union members” social project since July 2011.

The program envisages construction of a multi-storey apartment building in Yerevan at 8 Paruyr Sevak Street. The apartments will be granted to young scientists of the Armenian National Academy of Sciences and Armenian artists.

The mortgage loans for purchasing the apartments are issued on the following terms: loan maturity– 10-20 years, annual rate – 9.5%; minimal prepayment – from 20%, pawn - real estate of the apartment being built.

“Today the bank is making a preliminary decision to grant loans, and though the loans will be issued when the building is ready by 20%, a number of applications are have already been approved,” the press service of the bank informed Mediamax.
 
The tender on the realization of the mortgage program was announced by “YSU Graduates Union” in early 2011. VTB Bank (Armenia), which won the tender, reviews the applications by the list of program participants defined by the “YSU Graduates Union”.