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 3000 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 city of Yerevan 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 Defined by PFI (average 11.68%, annually)․ Maximum allowed interest rate is 13% annually.
Pledge  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 amount, if the share of energy efficient investments is greater than 40% of the loan amount.
  • 15% from the initial loan amount, 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.

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In case of any inconsistency between the published Armenian and English versions, the Armenian version prevails.
Updated 16.12.2019 12:37