Government intro’s affordable housing bill for servicemen
The government is introducing affordable mortgage conditions for military servicemen, police officers, national security servicemen and the officers of the penitentiary department.
The defense ministry of Armenia developed a bill on providing military servicemen with affordable housing assistance in terms of long-term mortgage loan procedures.
The servicemen will be enabled to acquire apartments under privileged loan conditions.
Under the new program, loans will be provided with the volume of up to 90% of the apartment’s value, with only 10% pre-payment – which in turn will be compensated by the government. The maximum repayment term is 20 years.
The annual interest rate will be 9%, from which a maximum of 4% of the loan’s interest rate sum will be subsidized by the government.
Thus, the servicemen will have the mortgage loaning opportunity with an annual interest rate of 5%.
