Armenia mortgage market participants of Armenia produced the fact that the mortgage crediting has growin in Armenia in 2006, reaching to 25.4 billion AMD. Armenia mortgage is one of the main factors of economic development in Armenia.
There are several classical options of mortgage in Armenia. Mortgage of Armenia has been set up specially through real estate financing for which there are several banks dealing in real-estate loans. For a natural development of Armenian mortgage market the foremost necessity is that there should be an appropriate legal field and a special law on mortgage.
Loans on home Armenia mortgage are relatively new But the high interest rates and short-term repayment make it difficult for many middle-class families to qualify. But there are other organizations which are being intoduced with low mortgage rates catreing the pockets of Armenians.
Several factors are introduced for customers catering the requirements of Armenia mortgage fields. Armenia mortgage customers must meet a set of requirements to qualify for a loan, including employment verification and proof of insurance. But some Armenian banks also require personal references and certification that the customer is in a good state of mental health.
Intervention of Armenian International Trade Bank in the Armenia mortgag e crediting market will soon improve the development of this segment. Under this program, the bank will give opportunity to the middle class of Armenia to take the opportunity of housing loan.