Lenders in Armenia not allowed to sell borrower’s residential property at less than $10,200
YEREVAN, July 14. /ARKA/. Lenders in Armenia will not be allowed to sell a borrower’s residential property at less than AMD 4.9 million or $10,200, David Harutyunyan, justice minister, said Thursday at a regular cabinet meeting.
At its Thursday meeting, the government set the minimum price for selling the only immovable property of a borrower.
“We recently carried out legislative changes aimed at prohibition to sell the only residential property of a borrower who fails to repay a loan at a too low price,”
The essence of the amendment is that the only immovable property of s borrower must not be seized and that the government will set minimum standards for selling the property. ($1 – AMD 478.9). --0--