On Februariy 1, 2017 Housing Finance program, 4th phase was launched

 

The official opening ceremony/event of Housing Finance program, 4^th phase, which is held under financial cooperation of Armenia and Germany, and financed by German KfW bank, took place on February 1, 2017, in Yerevan "Erebuni Plaza" Business center.

Representatives from Program PFIs, German Embassy in Armenia, Central Bank of RA, international organizations, state governing institutions, producers and importers of EE materials and equipment and constructing companies were taking part at the ceremony, which was organizes by National Mortgage Company.

Despite the former phases of Housing Finance program, this phase has its special target, which is to increase loans affordability in regions and to develop EE housing finance in Armenia. As mentioned by Mr. Hayk Voskanyan, the CEO of National Mortgage Company, the major part of the resources are intended to finance specially developed target products.

EE loans, as well as loans disbursed in regions will be refinanced by NMC under the program with lower interest rate. The partner financial institutions, who joined the program, themselves should offer these loan products to their clients with minimum 1 percent lower interest rate compared to traditional mortgage. Also, in order to increase loans’ affordability in regions, the terms for housing loans disbursed in regions will be more flexible. These will let program PFIs adjust the loan products to the needs of borrowers, in the context of payments frequency and real estate mortgage. The fact that the program finances not only housing EE renovation, but also EE purchase and construction, is very unique and distinctive. 

The total amount of the program is EUR 20 million (in AMD equivalent), which will be disbursed to the PFI’s of the program via National Mortgage Company. Below mentioned loan products will be offered under the program. 

•          Loans for purchase and construction, in Yerevan city,
•         EE renovation, EE purchase and EE construction loans all over Armenia,
•        Loans for purchase, renovation and construction, in RA regions. 

The loan products under this program will be disbursed by the below mentioned partners of National Mortgage Company (alphabetical order):

 

1.	ACBA-Credit Agricol Bank
2.	Ardshinbank
3.	Armbusinessbank
4.	Converse Bank
5.	First Mortgage Company UCO
6.	Global Credit UCO
7.	Inecobank
8.	Kamurj UCO

 

The details of the program are presented in the website: