YEREVAN, December 12. /ARKA/. Prompted by development trends at the local mortgage market and the needs of customers the VTB Bank (Armenia) has announced a new mortgage product that allows customers to but homes with only 3% down payment.

The Russian-owned bank said in a news release that this offer applies both to the secondary market of housing and to homes bought from developers.

The bank said it has also lowered interest rates on other types of mortgage loans up to 10.5%. The loans under the government-supported program "Housing for Young Families" are provided at the rates that begin from 4.5%.

The amount of a single loan has been raised up to 80 million drams. It takes the bank two days to make a decision on granting mortgage loans. It also requires a minimal set of documents to consider a loan application. During the entire term of the loan, the bank insures the real estate and the borrower.

Detailed information on the terms and rates of mortgage lending by VTB Bank (Armenia) can be obtained at the bank's branches, at www.vtb.am, and by calling 87-87.

VTB Bank (Armenia) CJSC is entirely owned by Russian VTB Group. The bank runs 67 branches in Armenia. ($ 1 - 484.75 drams) -0-