The government proposes to change some provisions of the "Affordable apartment for a young family" state target program.

According to the Ministry of Finance, the amendments refer to the prepayment, age threshold, and interest rates.

According to the department, 19 financial organizations - 14 banks and 5 credit organizations are engaged in lending.

The Ministry of Finance recommends to consider the sum of spouses' ages not 65 but 70 years.

In addition, it is suggested to change the advance payment for Yerevan and the regions. At present it makes at least 30% of the value of the acquired apartment, the ministry suggests making it 20%.

That is, according to the offer, the amount of the mortgage loan cannot exceed 80% of the value of all pledged residential real estate, no more than 20 million AMD regardless of the value of all residential real estate pledged.

The draft law currently stipulates that the mortgage loan will be provided for at 10.5-11% with a maturity of 10 years, of which 2% will subsidize the state, and the state will subsidize 4% for mortgages in the regions of Armenia.

This provision is proposes to make the following changes: "The mortgage can be repaid for at least 10 years with a maximum interest rate of 9.5% per annum, from which the government will subsidize mortgages for real estate acquired in Yerevan and the regions of the Republic of Armenia respectively by 2 percentage points and 4 percentage points."

According to the government, as a result of the adoption of the project the accessibility of the program will increase: young families will be able to purchase apartments with a value of up to AMD 25 million with 20% prepayment, which can definitely activate the real estate market.

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