Video: "5% of Soldiers' Mortgage Loan Program Will Be Covered by the State" - Papikyan

The Armenian government has decided to reform the terms of the long-term mortgage loan program for contract servicemen and senior officers under affordable and preferential conditions. According to Minister of Defense Suren Papikyan, the current decision provides for 500 placements per year, however, the number of applicants exceeds 1,000. “The number of military personnel applying this year is 1,111. With this decision, all participants, including those who could not obtain a loan entitlement through lottery, will benefit from the program,” he stated.

According to the minister, the interest rate for home or house purchases from the primary market is set at 11%, of which 5% will be subsidized by the state. Additionally, servicemen will have the opportunity to recover the income tax they paid. “For purchasing or constructing a home or house from the secondary market, the interest rate is set at 13%, of which 5% will also be subsidized by the state,” he added. Prime Minister Nikol Pashinyan emphasized that it has been decided that no one applying this year will be turned away.