People In Nagorno-Karabakh Can Apply For Home Loans

Stepanakert, February 27 /Armenpress/ Residents of Nagorno-Karabakh can now apply for home loans after the authorities have approved a mortgage program.
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All residents of Nagorno-Karabakh with a 10- year-long residency may apply for loans to buy homes, a loan for apartment repair requires a 3 year-long residency.
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There is an age limit as loans should be repaid before the people who take credits reach retirement age. The credit for home buying is 25 million Drams and 3 million for home repair with 12 and 15 percent annual interest rates respectively.
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Karen Yesayan, chief manager of Nagorno-Karabakh Investments Fund, said the government will pay half of interest rates of home buying loans. The loan is given for 20 years.