YEREVAN, JULY 31, ARMENPRESS. The Government of Armenia has developed a bill which, if passed, will introduce “mortgage repayment holiday” in relations between creditors and debtors by amending the Civil Code.

The “holiday” enables debtors the flexibility to take a break from mortgage repayments.

According to an online version of the draft, the bill will enable debtors who have appeared in “difficult situations in life” to have a one-time opportunity of taking a mortgage repayment holiday.

The bill also provisions the obligations of creditors. Debtors will have the chance to take the holiday for a period of up to 6 months.

The government is citing international practice, with similar programs currently in use in the United Kingdom, Germany, Ireland, France and Russia.

The mortgage repayment holiday bill has been developed by the Finance Ministry of Armenia.

Edited and translated by Stepan Kocharyan