Jerm Ojakh Program

National Mortgage Company in cooperation with French Development Agency and EU is implementing Jerm Ojakh home renovation program aimed at making energy efficient improvements to apartments/houses more affordable.

The program targets to benefit 3,000 households with low and middle income. The purpose of the Program is to stimulate energy efficient renovations, particularly in RA regions (Only "Centre" administrative district of Yerevan city is excluded under the Program) and to encourage financial institutions to grant smaller loans with longer maturity for energy efficient renovations.

The main conditions of Jerm Ojakh loan product are the following:

Jerm Ojakh micro loan
Loan Amount

From AMD 275,000 up to AMD 3 million

Loan Term Min 5 years
Interest rate Max 13% annually 

Real estate collateral is not required

Grace period 

6-12 months. During grace period the borrower may not make principal payments.

  • 5% from the initial loan amout, if the share of energy efficient investments is greater than 40% of the loan amount.
  • 15% from the initial loan amout, if the share of energy efficient investments is greater than 70% of the loan amount.

Grant is used to repay the loan principal amount.

Households shall spend more than 40% of the loan amount on energy efficiency measures and equipment, of which 20% can be used to buy home appliances (the list is presented below). 

EE measures and equipment EE home appliances
  • Insulation,
  • Heating and cooling systems,
  • Solar PV panels and solar water heaters,
  • Energy efficient illumination.
  • Electric water heater,
  • Cooking appliances (panel),
  • Cooking oven,
  • Cooking hood,
  • Washing machine,
  • Refrigirator with freezer compartment.

Fore more detailed information about eligible EE measures and home appliances, as well as for the list of cooperating partner financial institutions, please visit website.

Regular renovation loans

The Company also refinances renovation loans with the following terms.

Property Renovation loan terms
Loan Amount

Up to AMD 35 million

Loan Term Min 5 years
Interest rate  Defined by PFI (average 12,2%, annually)

Property to be renovated

 Housing renovation loan conditions


Housing EE and regional renovation loans

The Company also refinances EE loans and regional renovation loans. For more information follow the link.

The company is not responsible for external links and contents.
In case of any inconsistency between the published Armenian and English versions, the Armenian version prevails.
Updated 09.09.2019 11:52