ArmInfo. VTB Bank (Armenia) has become the main partner of the "Affordable Housing for Young Specialists" social program of housing provision . As the press service of the bank told ArmInfo, on March 22 this year at 11:00 an official ceremony of laying the foundation of the "Veratsnund" youth town took place. During the solemn ceremony, a cooperation agreement was concluded with the Bank, the beneficiaries of the project placed a message addressed to the future generations of Armenia in the foundation of the complex under construction. The order of blessing the foundation and young families, which will have a unique opportunity to purchase apartments at the lowest and most convenient rates, was carried out. The main crediting of the program beneficiaries will be carried out at the expense of VTB Bank (Armenia) own credit resources. The loan terms are as follows: prepayment - 10-20%, y-o-y interest rate - 10.8%, maturity period - up to 30 years. The report mentions that VTB Bank (Armenia) won the tender and became the main financial partner of the "Affordable Housing for Young Specialists" social program, implemented by the YSU Graduates Union. As a result of successful cooperation, lending to mono apartment buildings in buildings 1-7 at St. Monte Melkonyan 44 will be implemented by VTB Bank (Armenia). "VTB Bank (Armenia) always pays special attention to the development of the mortgage sector in Armenia and is aware of the importance of mortgage lending as one of the most important factors of the country's economic and social development. VTB Bank (Armenia) is always ready to issue loans not only under the best conditions, but also in as soon as possible, as well as assist in the development of the life of young Armenian specialists, "the report says. According to the Financial Rating of Banks of Armenia, as of December 31, 2018, prepared by ArmInfo IC, the mortgage portfolio of VTB Bank (Armenia) exceeded 12.5 billion drams or $ 25.9 million, with the y-o-y dynamics
coming out of decline to growth, and only for Q4 it was possible to ensure an increase of 10%. In the total loan portfolio of the bank, the share of mortgage loans is 6%, and in the total mortgage loans of the banking system the share of VTB Bank (Armenia) is about 5%. To note, VTB Bank (Armenia) CJSC became a member of the international financial group VTB in April 2004. Currently, the second largest in Russia, "Bank VTB" PJSC owns 100% of shares of Bank VTB (Armenia). The bank traditionally ranks among the leaders of the banking system of the Republic of Armenia by major indicators. The branch network of VTB Bank (Armenia) covers 70 divisions with a presence both in the capital and in all regions of the country. Moreover, both in the total number of branches and in the number of regional branches, the Bank retains its leadership, occupying the second position in the number of capital divisions.
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