YEREVAN. – At Thursday’s Cabinet session, the government of Armenia approved the description of and conditions for the state assistance program for officers and senior sub-officers of the Armed Forces when purchasing an apartment or a residential home, or building a residential home. 

Defense Minister Davit Tonoyan presented the matter at the Cabinet meeting. He noted that according to this program, 500 servicemen can participate in it each year.

“The program envisages an opportunity for a maximum mortgage loan of 28.5 million drams, within the margins of which 10 percent of the amount noted in the purchase contract is funded by the state, as a down payment,” he said, in particular.

The minister added that if an apartment is purchased from its developer or the secondary real estate market, 3 percent of the loan shall be subsidized by the state.

Tonoyan noted that each year’s participants in this program shall be selected by a draw, but servicemen who previously needed to improve their housing condition shall have the right for preference.