New mortgage product to be introduced in Armenia in 3Q 2011March 2, 2011 - 17:47 AMT PanARMENIAN.Net - On March 2, the association of mortgage market members of Armenia (AMMMA) presented a new product in Yerevan, under which the initial payment for mortgage loan will make maximum 15% instead of previous 30%, while an insurance company will shoulder the risk of the rest 15%. “With applying this mechanism, we try to promote development of Armenia’s mortgage market, to standardize and improve mortgage loans, as well as create prerequisites for social stability and economy’s development as a whole through solving housing problems,” CEO of the association Gevorg Bosnoyan said. According to him, the new mortgage mechanism will allow forming a strong primary market, what in its turn will provide with the opportunity to develop a secondary market. A working group dealing with study of possible hindrances and legislative field will be established to introduce the new mechanism. Bosnoyan attached importance to education of specialists to deal with this type of insurance, after which the new mortgage product will be introduced in the third quarter of 2011. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |