Armenia increases budget of  servicemen`s housing provision program  with preferential mortgages

ArmInfo.Chaired by Prime Minister Nikol Pashinyan, a regular Cabinet meeting took place today,  the press service of the RA Government reports.

Before discussing the issues on the agenda, at the proposal of the  Prime Minister, the Cabinet members observed a minute of silence in  memory of the victims of the devastating earthquake of Spitak. "Today  is December 7, the anniversary of the catastrophic earthquake in  Spitak of 1988, which killed around 25 thousand of our compatriots.  Let's honor the memory of the victims of the earthquake with a minute  of silence," said Nikol Pashinyan.

Moving on to the discussion of agenda issues, the government made  redistribution of the funds allocated to the Ministry of Defense,  directing 760 million AMD to the financing of state subsidies for the  preferential and long-term mortgage loan program for servicemen. 

As Minister of Defense Suren Papikyan noted, in 2023, it was proposed  to set the advance payment of the loan at a fixed number of 2.5  million AMD, instead of the previous 10 percent of the loan. Loan  interest subsidy was set at 5 percent instead of previous 3 percent.  "By the decision of the government, it is established that 500  servicemen can benefit from that opportunity per year, but as an  example, let me mention that this year we provided this opportunity  to the 1111 servicemen who submitted an application," said Suren  Papikyan.

The Prime Minister emphasized the importance of the certification  process of servicemen and added. "As the process of certification of  servicemen is also taking place, and the financial capabilities of  certified servicemen are increasing, we predict that the interest in  this program will also increase. In fact, if we manage to maintain  this pace, we will soon record that the issue of housing security for  servicemen has not only been resolved, but also a mechanism has been  established for the future. I also want to remind you that starting  this year, the students and cadets who have been admitted to the  Vazgen Sargsyan Military Academy since last year, who will serve in  the Armed Forces, will already get an apartment, that is, they will  get an apartment, not with a mortgage loan. Also, with all these  mechanisms, we will practically solve the issue of housing security  for our officers."