State-Supported Housing Programs for Families with Children

In July, Evocabank was the first among Armenian banks to join The State-Supported Housing Programs for Families with Children.

As at August 31, 2020, under the state-supported programs, Evocabank assisted 30 beneficiaries, at total amount of around AMD 13.5 million. The Bank has approved a maximum number of applications for enrollment in these programs.

The Government implements three state-supported housing programs for families with children.

Under the first program, a one-time financial assistance will be provided to the families with two and more children applying for a mortgage loan to purchase an apartment or build a house in regional settlements. The assistance will be provided to finance the mortgage down payment while in case of home construction - to repay the outstanding principal balance. The maximum amount to be provided under this program is AMD 2.6 million depending on the beneficiary’s age and the number of children in the family.

Under the second program, each family with one or more minor children will be eligible to get reimbursement of down payment insurance at 90% of the annual mortgage insurance premium. Maximum amount to be reimbursed is AMD 180,000.

Under the third program, the support is associated with the birth of a child and aims to assist the families in repaying the mortgage loans.

The support program may be available to potential beneficiaries - RA citizens who own by ownership right the purchased real property or a residential real property to be constructed on a mortgage loan. In the case of birth of a child, the government may repay a portion of the outstanding loan principal balance if the loan meets the program requirements. The maximum amount to be provided under the program is set to equal AMD 4 million depending on the beneficiary’s age and the number of children in the family.

More details on state-supported programs for mortgage lending may be found here.