Loan repayment period for newly constructed apartments set 30 years: Armenia’s PM

Young families may hence acquire apartments with privileged conditions, Armenian Prime Minister Nikol Pashinyan said in a live video in Facebook.

He said previously the total age of spouses was to be 65 for applying to the program while now it has set to be 70.

“The young couples may acquire apartments from not newly constructed buildings with 7.5% interest rate in Yerevan and with 5.5% in provinces,” he said.

The PM said essential changes have taken place in the mortgage loan interest rate.

“If previously the prepayment was set 30% now it may be 10% in case of 2nd property mortgage,” the PM said.

Pashinyan stressed that in the sidelines of these program it is possible to buy apartment costing 25 million AMD from not newly constructed buildings from the secondary market and apartment costing 30 million AMD from primary market in newly constructed building.

“Loan repayment period for newly constructed apartments is 30 years which is an unprecedented term,” he said.

Pashinyan said loan repayment period for not newly constructed apartments will be 20 years.