Thursday, January 20 2011 18:37

In 2010 loan book of Housing for Young Families UCC in the framework of Accessible Housing for Young Families program totalled $4.8mln


ArmInfo. In 2010 the loan book of the Housing for Young Families universal credit company in the framework of the Accessible Housing for Young Families program totalled 1.75bln AMD (almost $4.8mln), Finance Minister of Armenia Vache Gabrielyan said during a government meeting today.

He said that last year young families were granted 223 mortgage loans with 300 more credits to be issued in 2011.

Today the Government decided to allocate 20mln AMD for subsidizing interest rates in Q1 2011. In 2010 it allocated 34.7mln AMD.

In Nov 2010 the Government decided to cover 2% and 4% of the interest on mortgage loans provided to young families in Yerevan and regions, respectively.

The Accessible Housing for Young Families program was approved in Jan 2010 and involves 13 banks and 3 credit companies. The average size of a loan is 8mln AMD, the period - 12.4 years, the rate - 10.3%.

The cost of the property should not exceed 16mln AMD, the prepayment is 30-35%. The age of beneficiary couples should not exceed 35. The program also covers single parents under 30.
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