The Government of Armenia takes measures to make mortgage housing credits more accessible to young families, told journalists prime minister of Armenia Tigran Sargsyan on Tuesday.
“Mortgage credits will become accessible for young families, was soon as they have jobs, and secondly, if their jobs return tangible interest. In its turn the government of Armenia will make every effort to make hypothec crediting more affordable,” he said.
In this connection, the head of government added, that in order to make mortgage housing credits more accessible, it is necessary to prolong the terms of repayment.
“Presently, banks give hypothec credits for 10-15 years, meanwhile if that period is prolonged to 20-25 years, the number of young families who wish to borrow money will certainly grow,” he said.
Second, in Sargsyan’s opinion, interest rates should also be reduced to relieve the loan burden on borrowers. To attain it additional financial resources, including for commercial banks and mortgage funds, should be attracted. “Thus, we negotiate with our German partners and the World Bank. In addition to it, the government will direct its own resources to mortgage crediting,” Sargsyan said.
According to prime minister, in coming years efforts of the government will be aimed at improving the situation in the housing market and making mortgages more affordable, especially for young families.
