Nearly 3.3 billion drams provided to support affordable housing for young families program
10.06.2011,
22:20
Nearly 3.312 billion drams worth loans were provided by Armenian banks under a government-designed program "Affordable housing for young families," finance minister Vache Gabrielian told a Cabinet session today.
YEREVAN, June 10. / ARKA /. Nearly 3.312 billion drams worth loans were provided by Armenian banks under a government-designed program "Affordable housing for young families," finance minister Vache Gabrielian told a Cabinet session today.
The 3 billion drams worth ($8 million) program was approved by the Cabinet on January 29, 2010. The largest size of a loan to help a young family buy an apartment is 16 million drams (more than $44,000). The program is carried out through a specially designed universal credit organization "Housing for Young People."
"As of May 23 some 425 loans were extended worth 3.312 billion drams, the average loan size is 7.8 million drams, the average repayable term is 12.3 years and the average interest rate is 10%," said the minister.
The minister said also judging by the pace of this program the government is likely to release additionally 20-25% of funds to back it.
"The program is active and we hope that before it is completed we will be able to provide about one thousands loans. Their number is planned to increase by several hundreds this year alone,’ he said. ($1 – 376.63 drams). -0-
The 3 billion drams worth ($8 million) program was approved by the Cabinet on January 29, 2010. The largest size of a loan to help a young family buy an apartment is 16 million drams (more than $44,000). The program is carried out through a specially designed universal credit organization "Housing for Young People."
"As of May 23 some 425 loans were extended worth 3.312 billion drams, the average loan size is 7.8 million drams, the average repayable term is 12.3 years and the average interest rate is 10%," said the minister.
The minister said also judging by the pace of this program the government is likely to release additionally 20-25% of funds to back it.
"The program is active and we hope that before it is completed we will be able to provide about one thousands loans. Their number is planned to increase by several hundreds this year alone,’ he said. ($1 – 376.63 drams). -0-
