Amendments related to families from Armenian regions introduced in Affordable Housing for Young Families program

November 17, 2010 - 14:51 AMT

PanARMENIAN.Net - In accordance with November 11 governmental decree, amendments related to families from Armenian regions were introduced to Affordable Housing for Young Families program.

The amendments envisage increase of financing for young families from 2 to 4%. The prepayment sum will be reduced from 30 to 10%.

The Affordable Housing for Young Families program was approved by the January 29, 2010, sitting of the RA government. All the families wishing to get a loan should meet certain requirements: family’s gross income should amount to approximately AMD 300-350 thousand, including incomes of all family members. Besides, the “young family” definition means family, where the spouses' cumulative age doesn't exceed 60 and none of the spouses is over 35. The definition also covers families, where the age of the only parent does not exceed 30. The maximum amount of loan under the program totals AMD 16mln with 15-year payment term.