The government has announced that loans for housing purchases made until 2023 must be repaid within a maximum period of 12 months. Additionally, borrowers will have a grace period of up to 12 months for loan repayments. The interest rates on these loans will remain unchanged at 9 percent per annum.

Due to the recent sharp depreciation of the Armenian dram exchange rate, financial institutions are facing challenges in converting loan repayments denominated in drams back to the currency. As a result, it has become necessary to make changes to the conditions of the housing loan program and improve its terms.

Starting from September 1 to December 30, loans for housing purchases will be provided for a maximum period of 4 years with an interest rate of 11 percent. The maximum repayment period in Armenian drams will not exceed 24 months. In 2022, housing loans for purchasing homes increased by approximately 11.9 billion drams.

From January 1, 2023, to September 8, 2023, loans for housing purchases will have a duration of up to 3 years with an interest rate of 9 percent. The maximum repayment period in Armenian drams will not exceed 12 months. During this period, housing loans increased by roughly 2.4 billion drams, covering the repayment of loans taken in 2022 and 2023 for housing purchases.

Starting from September 8, 2023, until December 30, 2023, loans provided under the Housing Program established by Decision No. 1520-L of the Government on September 7, 2023, will be available for up to 5 years with an interest rate of 11 percent. The maximum repayment period in Armenian drams will be no longer than 24 months. During this period, housing loans increased by around 6.3 billion drams.