The Government of Armenia has developed a bill which, if passed, will introduce “mortgage repayment holiday” in relations between creditors and debtors by amending the Civil Code.
The “holiday” enables debtors the flexibility to take a break from mortgage repayments.
According to an online version of the draft, the bill will enable debtors who have appeared in “difficult situations in life” to have a one-time opportunity of taking a mortgage repayment holiday.
The bill also provisions the obligations of creditors. Debtors will have the cha...
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