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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.
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.
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.
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.

Source:http://www.armeniadiaspora.com/ADC/news.asp?id=2585