Government to Ease Conditions of Flats for Young Families: Karamyan

A government-implemented mortgage project Flats for Young Families facing problems in practice, Deputy Minister of Sport and Youth Policy of the Republic of Armenia, Arsen Karamyan said at a press conference today.

“We have said after the program was launched that it should be considered a pilot one,” said he, adding that the program needs some changes.

According to Karamyan, as soon as those changes are made, the beneficiaries will be offered easier terms. The new terms will refer to the prepayment, payoff deadline and age restrictions. Particularly, the government will offer the beneficiaries to pay 25% prepayment instead of the current 30%; as well we extend the time for the payoff from 10 years to 15 years.

“There will be more applicants as soon as the term is eased,” said Karamyan, adding that about 20 families have been given flats, while the 60 applications are still under review.