The executive will subsidize the interest rate and down payment on mortgages provided to servicemen

Today, the government approved the target program of state support for the purchase or construction of an apartment or residential house by contract servicemen of the officer and senior non-commissioned ranks.

Within the framework of the program, every year 500 military personnel of the Ministry of Defense who have the ambition to participate in the program can become beneficiaries of the program and receive state support.

The operation of the program does not extend to servicemen who have improved housing conditions within the framework of the housing security defined by the law before this decision enters into force. The operation of the program does not apply to the mortgage loan agreement signed by the serviceman before this decision comes into force.

Within the framework of the program, a mortgage loan is provided to a soldier (co-borrower) for the purpose of purchasing an apartment or residential house or building a residential house. Only one of the spouses is granted a mortgage loan within the framework of the program for married servicemen.

Within the framework of the program, the maximum value of an apartment or a residential house or a residential house under construction for each borrower is 28,500,000 AMD, and the value of the residential house is defined as the lowest of the estimated and acquisition costs. In case of exceeding the specified maximum amount, the support is provided by the state only within the specified maximum value, moreover, for the purpose of building a residential house, this program works to build a residential house in the name of a serviceman with the right of ownership (joint or shared ownership) registered in the house or residential development plot. subject to a building permit.

RA Prime Minister Nikol Pashinyan mentioned that he has received information that sometimes a 30-year-old unused building is taken over and reconstructed as a residential house.

“I received one or two letters from investors that it would be good to discuss that this type of buildings – it is a five-story building, it is not a production area, it was a hotel or I don’t know what, it was damaged for 30 years, now they are taking it, they are building a residential house. According to the regulations, such buildings are not included in the primary market formulation. We recommend that they look into this issue. we have a chance. This will also promote the development of housing construction in marzes,” said the Prime Minister.