Apartments from builder
Since January 2018, some changes by Government came into effect in tax legislation. They relate to the return of interest rates of mortgage loan at the expense of income tax, when buying an apartment or a private house from builder.
The main changes are the followings:
- 1. At first the maximum price for buying an apartment or real estate has been set. From now on, mortgage loan interest rates will be returned, if the estimated value of the purchased property (an apartment or a private house) in Yerevan or in other provinces of Armenia does not exceed 55 million AMD. So, if you want to buy an apartment or a house from builder, in terms of interest rates return, it is important to know the market value of the property, which you want to buy, regardless its evaluation by an independent evaluator.
- 2. The law can be used by a citizen only once. If the citizen has taken the advantage of this law once and bought an apartment or a private house, then the law will not work for her/him when buying a second one. According to the government, this law has a social approach and targets the middle and lower-income citizens to solve their housing problems. That’s why the above-mentioned limitations are for that reason.
According to the government, if a citizen is in a financially stable position that can afford to buy an apartment worth 55 million drams, then it is not necessary to “overload” taxpayers and take advantage of this norm.
By the way, these changes have no retroactivity and will only work from January 2018 when citizens, who want to buy an apartment or a private house from builder, submit applications.
You can get acquainted with the apartments sold by builder on this site by following this link.