Mortgage market to become maximally transparent and predictable for citizens

Several regulations are defined under the legislative package concerning the housing mortgage crediting process, which are aimed at increasing the protections of legal interests and rights of individuals who receive mortgage loans and strengthening the trust of consumers towards the financial system. Arman Aloyan, head of the legal advisory and development department of the Central Bank presented details of the legislative package to “Armenpress.”

Mr. Aloyan, the legislative package concerning he housing mortgage crediting process was presented in the Cabinet meeting. It was mentioned that its purpose is the protection of mortgage creditors. I would like to ask you to present as to what it implies, what changes are planned under the new bill?

Today the law defines general provisions on housing mortgage. The proposed legislative package concerns the peculiarities of housing mortgage, which will result in citizens being able to use more transparent and protected mortgage loans. First of all the bill regulates the consumers’ right of being aware. The bill defines that creditors: banks, credit organizations, which offer mortgage loans, should provide a document – called an information bulleting – to clients. The document will be provided free of charge. In addition, the document will be available online. The document must be available for all customers.