03.03.2011 10:49
YEREVAN, March 3, /ARKA/. Gevork Bosnoyan, the executive director of the Union of Armenian Mortgage Market Members (UAMMM), said Tuesday a program designed to introduce a partial insurance of mortgage liabilities was very likely to be kicked off later this year.
He said the core of the program is to introduce here international mortgage standards, enlarge chances of choosing available housing and give a push to home construction sector. He explained that the program calls for cutting the amount of mandatory down payment size form current 30% of the loan to 15%.
He said if implemented this would allow borrowers to get a home buying loan in the amount of 80% of its cost. He said also the plan would apply to people with regular income which is not enough, however, to make the down payment. He further explained that the 15% of the down payment would be secured by an insurance company and that would allow banks to provide risk-free loans to potential borrowers.
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