YEREVAN, March 17. / ARKA /. The chairman of the Union of Banks of Armenia Samvel Chzmachyan predicted today a 10-20% rise in mortgage lending this year, citing the findings of a survey conducted by the union among Armenian commercial banks.

According to the Central Bank data, the overall mortgage lending in 2014 saw a 20% rise from the previous year to 172.4 billion drams

According to Samvel Chzmachyan, the growth will be driven by a law passed by the parliament last year which was designed to exempt companies in the country’s border settlements from VAT, income and profit taxes. The law also allows individuals servicing mortgage loans to seek a refund in the amount of their income tax.

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The overall mortgage lending in Armenia in 2014 saw a 20% rise from the previous year to 172.4 billion drams, according to Samvel Chzmachyan, the chairman of the Union of Banks of Armenia

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The Russian government agreed to appropriate 20 billion rubles from the budget on mortgage interest rate subsidies at its meeting on Monday, RBC reports citing two government sources

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Armenia’s government is considering a program for promoting housing construction and easing mortgage standards, Armenia’s premier Hovik Abrahamyan said

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Arthur Javadyan, chairman of the Central Bank of Armenia, speaking Monday in the National Assembly, said the country’s commercial banks can’t afford to extend mortgage loans without down payment

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In September 2013, Armenia’s National Mortgage Company refinanced 135 mortgage loans totaling AMD 1.115 billion, the company’s press office told ARKA News Agency on Thursday

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Mortgage loans extended by Armenia’s commercial banks amounted to a total of 135.3 billion drams in July 2013, an increase of 1.9% against the month before, says the Central Bank of Armenia monthly bulletin for July 2013

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Armenian commercial banks’ outstanding mortgage loans in May 2013 amounted to 132.4 billion drams, an increase of 1.7 percent compared to the previous month, according to the monthly bulletin of the Central Bank of Armenia for May

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ACBA-CREDIT AGRICOLE BANK is now offering mortgage loans within the framework of its “Affordable housing for young families” program, the bank reported Thursday

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Bank of America Corp is looking to sell collection rights on at least another $100 billion of mortgages after announcing similar deals for more than $300 billion on Monday

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