YEREVAN, August 12. /ARKA/. Starting from July 2011 a significant flow of applications for mortgage loans in the frames of the program “Available apartments to young scientists and members of art unions” is observed in Bank VTB (Armenia).

“Bank VTB (Armenia)” was recognized the winner of the tender announced at the beginning of 2011 by the NGO “Unification of Yerevan State University graduates” on the provision of mortgage loans to the participants of social program “Available apartments to young scientists and members of art unions” by favorable conditions.

“Mortgage loan in the frames of the program “Available apartments to young scientists and members of art unions” is very popular among the clients of the bank. At this stage, “Bank VTB (Armenia)” accepts preliminary decision on the provision of the credit. Despite the fact that the credit itself will be provided in 20% readiness of the construction of the building, the Bank has already approved a number of applications, said Director of Development of retail Business of the bank Artak Khachatryan.

In the frames of the agreement, “Bank VTB (Armenia)” provides mortgage loans with annual percent rate of 9.5% with the redemption date of 10-20 and minimum pre-payment from 20%. The given apartment serves a pledge for the loan.

The applications are considered by the list of program participants defined by the NGO “Unification of Yerevan State University graduates”.

It is envisaged to build multi-apartment and multi-functional building in Yerevan, 8 Str. Paruyr Sevak (near the Institute of Organic Chemistry of the National Academy of Sciences of Armenia named after A.L. Mnjoyan). The apartments will be provided to the young scientists of the Academy of Sciences and creative workers of Armenia (writers, artists and actors) by lower market prices.

CJSC “Bank VTB (Armenia)” became participant of international financial group VTB in April 2004. Currently it is the second largest in Russia, VTB Bank (CJSC) owning 100% of shares of “Bank VTB (Armenia)”. The Bank is traditionally among the leaders of the banking system of Armenia by a number of key indicators. The Bank now owns the largest branch network in the country - 68 branches. –0—