The government will return 84 billion drams in income tax to mortgage borrowers
Since the beginning of 2024, income tax returns for mortgage payers have reached 67 billion drams (approximately $173 million), while returns for other sectors (including tuition refunds for working students) have totaled 81 billion drams (about $210 million).
This mortgage benefit will cease in Yerevan in 2025, but only for new constructions. Projects that have already received permission can still benefit from the tax return.
Starting January 1, 2025, legislative changes on income tax returns for interest payments on mortgage loans will come into effect.
The State Revenue Committee issued a statement about this, noting:
For mortgage loans obtained after January 1, 2027, if the real estate is located in or is being constructed or is planned to be constructed within the administrative territories of Aragatsotn, Ararat, Armavir, and Kotayk regions, except for real estate located in or being constructed in the border settlements included in the list approved by the Government.
For mortgage loans obtained after January 1, 2029, if the real estate is located in or is being constructed or is planned to be constructed within the administrative territories of the regions not mentioned above, namely Shirak, Lori, Tavush, Gegharkunik, Vayots Dzor, and Syunik, except for real estate located in or being constructed in the border settlements included in the list approved by the Government.