Starting from December 1, 2010, VTB Bank (Armenia) CJSC prolongs the term of mortgage lending up to 35 years on Armenia’s territory with 30% and 20% minimum prepayment amount for AMD and USD loans respectively.

Beside, the bank has also raised the maximum amount of USD loans, bringing it to USD 300,000, the bank press service reported.

The interest rates in case of mortgage lending for the term of 10-35 years make 12% and 11% for AMD and USD loans respectively.

Besides, the process of approval of mortgage loan provision and list of required documents have been simplified.

“The new targets young clients and, hopefully, will be in great demand. With current prices for real estate, the terms prolongation will considerably simplify a dwelling purchase. As a result, it will provide buyers with the opportunity to consider and buy higher-quality dwelling, without spending time for additional savings,” said Director of the Department for Retail Business Development at VTB Bank (Armenia) CJSC Artakh Khachatryan.