New mortgage product to be introduced in Armenia in 3Q 2011March 2, 2011 - 17:47 AMT PanARMENIAN.Net - On March 2, the association of mortgage market members of Armenia (AMMMA) presented a new product in Yerevan, under which the initial payment for mortgage loan will make maximum 15% instead of previous 30%, while an insurance company will shoulder the risk of the rest 15%. “With applying this mechanism, we try to promote development of Armenia’s mortgage market, to standardize and improve mortgage loans, as well as create prerequisites for social stability and economy’s development as a whole through solving housing problems,” CEO of the association Gevorg Bosnoyan said. According to him, the new mortgage mechanism will allow forming a strong primary market, what in its turn will provide with the opportunity to develop a secondary market. A working group dealing with study of possible hindrances and legislative field will be established to introduce the new mechanism. Bosnoyan attached importance to education of specialists to deal with this type of insurance, after which the new mortgage product will be introduced in the third quarter of 2011. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |