Saturday, March 19 2011 13:42

VTB Bank (Armenia) launches mortgage lending to young scientists


ArmInfo. VTB Bank (Armenia) launches mortgage lending to young scientists as part of the program "Affordable Housing for Young Scientists and Members of Creative Unions." President of the YSU Union of Graduated Students - Deputy Minister of Sport and Youth Affairs Arsen Karamyan and Deputy Director General - Chairman of Directorate of VTB Bank (Armenia) Mher Grogoryan signed a relevant agreement on Friday. Under the program, the bank will provide mortgage loans with 10-20 years maturity and up to 10% annual interests to the given group of people. The minimum prepayment of the mortgage loan is 20% and on mortgage of built housing. Over the last 2-3 years the share of mortgage loans of the bank in total personal loans has been ranging between 20-25%, Grigoryan said. The bank is expected to retain the given indicator. The mortgage portfolio of the bank totaled 8.5 bln drams as of Jan 2011 (4th position).

Arsen Karamyan said that residential and multi-functional complex will be built under the program (216 apartments and underground parking for 130 cars) in 8 St.Paruyr Sevak, in Yerevan. The cost of the apartments is much lower than the market price - 184,000 drams per sq m. The total cost of the project will not exceed 3 bln drams. Karamyan said that the project will create jobs for 500 people. The construction will be launched on April 30 2011 and completed by late Feb 2013. He assured media that nearly 1300 apartments will be put into exploitation as part of mortgage programs till 2013.
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