ArmInfo. The housing renovation loan program in Armenia will be available in June this year. Program Manager at Central Bank of Armenia Davit Kirakosyan announced this during a press conference on June 14.
According to him, we are talking about a maximum of 2 weeks, since there is a high interest in the program, both from financial institutions and the public. Referring to recent working discussions, Kirakosyan noted that more than 30 organizations accepted the invitation. "I believe citizens will have a wide range of choices in terms of program partners," he said.
Speaking about the conditions of the program, the representative of the Central Bank recalled that in the case of apartments, the loan amount will be up to 7 million drams, in the case of private houses - up to 10 million drams. Loans will be issued to citizens for a period of 7 years, with an interest rate of 14%. However, thanks to the state subsidy, residents of border communities and villages will be able to use the program at a zero interest rate, residents of rural areas - at a rate of 2%, residents of cities - 3%, and in the capital the loan program will be available at a rate of 5%. Collateral, he said, may be required in individual cases.
In turn Tanya Arzumanyan, Head of the Housing policy and communal infrastructure department of the state Urban Development Committee, added that in order to receive a loan under the housing renovation program, in addition to the standard package of documents, a certificate of ownership of real estate and a conclusion on the technical inspection of buildings and structures will be required. In this regard, she noted that surveys will be carried out by companies licensed by the Urban Development Committee.
There are no restrictions from a quantitative point of view, however, according to Arzumanyan, the program will be available until July 2023.
On May 26 this year, the Armenian government has approved a loan program for housing renovation, which will be implemented with state support.
A mandatory condition for participation in the state housing renovation program should be the partial use of credit funds for energy efficiency. In particular, in the case of apartments, this share will be 20%, in the case of own houses - 30%. In addition, 10% of the funds should be directed to the purchase of high-quality power engineering.
This program also sets the task of reducing the shadow turnover. In particular, 70% of the loan funds must be spent through non-cash transactions.
