YEREVAN, July 30. /ARKA/. The VTB Bank (Armenia) has announced a ‘significant’ drop in the annual interest rates on mortgage loans provided in Armenian drams ‘to make mortgage loans available to a wider segment of customers.’

The Russian-owned bank said in a news release that starting from August 1, 2018 it is cutting the interest rate on mortgage loans (for the purchase or construction / repair of home) by 2% to 10.4%. The bank offers also the lowest 3% down payment.

The VTB Bank (Armenia) also offers mortgage loans as part of a government-supported program called ‘Housing for Young Families" with the 3.5% rate for families living outside the capital city Yerevan and 5.5% rate for those living in the capital city.

Mortgage loans are provided to citizens and residents of Armenia. The borrower's age at the time of receiving the loan should not be less than 21 years, and not to exceed his/her retirement age at the time of repayment the loan. To obtain a mortgage loan, VTB Bank (Armenia) requires the minimum package of documents. Preliminary decision to grant a loan is made within 2 working days.

Detailed information about this offer can be found in the branches of VTB Bank (Armenia), on its official website, as well as by calling 87-87.

VTB Bank (Armenia) CJSC became a participant of the international financial group VTB in April 2004. Currently, VTB Bank, the second largest in Russia, owns 100% of VTB Bank (Armenia). The bank owns 67 branches across Armenia. -0-