YEREVAN. – The mortgage loan payers in Armenia will be exempt from income tax in the amount of their loan interest rate.

The government approved, at Thursday’s Cabinet meeting, the procedure for the reimbursement of tax payments, and within the framework of the amendments that were made—at the end of last year—in the Law on Income Tax.

Pursuant to the amended law, the state will reimburse the mortgage interests that are processed after November 1, 2014, and if the given apartment is purchased directly from its builder, or a separate house is being constructed.

These tax benefits were originally planned solely for the residents of Armenia’s border villages but, subsequently, it was decided to apply these benefits across the country.