Defense Ministry to introduce preferential mortgage system for military officers

YEREVAN, JANUARY 10, ARMENPRESS. The Ministry of Defense has introduced a bill into circulation that defines the process of preferential and affordable mortgage crediting for officers of the Armenian military. The bill is posted on the e-draft online legislation platform.

The preferential program is a 20-year term, 7% annual interest rate mortgage offer, where 10% prepayment of the apartment’s cost is paid by the government and 3% of the interest rate is subsidized. In addition, if the apartment is acquired directly from the construction agency beneficiaries are entitled to also pay the remaining 4% through the revenue tax returns.

Edited and translated by Stepan Kocharyan