Young Families Of Armenia May Acquire Affordable Housing In A Couple



ArmInfo.The Housing for Young Families UCO will sign its first partner
agreements with the Armenian credit market participants in a week,
Executive Director of Housing for Young Families UCO Mher Yedigaryan
told journalists, Friday.

To recall, the Central Bank of Armenia (CBA) registered the Housing for
Young Families UCO on February 16, 2010 on the basis of the draft law
On State Affordable Housing Programme for Young Families approved by
the government on January 29, 2010. The programme is socially-oriented.

M.Yedigaryan pointed out that the State Affordable Housing Programme
for Young Families consists of two components and aims to provide young
families with mortgage loans on reasonable terms. According to him,
the first component of the programme is subsidizing loan rates by the
Armenian Government, and the second component is providing credit
companies with cheap means that will give them an opportunity to
provide loans to young families at preferential interest rates. "In
the given case the goal of the credit company is to provide cheap
means to credit companies by means of refinancing",- he stressed.

He added that under the given programme the loans will be provided
at the interest rate of 10.5%, of them 2% will be subsidized by the
Armenian Government. The property value should not exceed 16 mln drams
with prepayment of 30% of the housing value, which may be revised
in the near future. Credits will be provided with 10-year repayment
period. Only the married couple, the cumulative age of which does not
exceed 60 years, may claim for the credit receipt. At the same time,
the age of every person should not exceed 35 years. Moreover, a single
parent aged under 30, having a child, can apply for participation in
the programme. The monthly income of the young families is to be no
less than 300-350 thsd AMD, moreover, this amount includes not only
the married couple’s income, but also the financial support provided
by their relatives.

For his part, Chairman of the Union of Banks of Armenia Ararat
Ghukasyan said that all the 22 commercial banks in Armenia welcome
the given programme and see in it a real opportunity to provide
young families with affordable housing. "The programme will give
an opportunity to the young families not only to receive affordable
housing, but also to make use of financial and banking services",-
he stressed. He added that 10 commercial banks are already ready to
participate in the given programme.

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