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Consumer loan secured by real estate without income analysis

Consumer loan secured by real estate without income analysis

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We don’t require a proof of income under the loan without income analysis. Instead, we make a loan-disbursement decision based on the loan security preferred by a customer.     

We save your time you spend to get required documents from the employer.    

  • Currency

    AMD

  • Maximum amount

    AMD 75.000.000

  • Maximum period

    36-96 months

  • Interest rate

    17-18% : Depends on loan period

Conditions

 

Borrower*

RA citizen and resident individual aged 22, whose age shall not exceed 55 

Currency AMD
Minimum loan amount AMD 1.500.000 
Maximum loan amount AMD 75.000.000  
Maximum loan maturity 36-96 months
Annual interest rate 36 - 60 months 17%, 61-96 months 18%
Loan and interest repayments Monthly, annuity repayment mode
Type of collateral** amd Maximum loan-to-value ratio

Real Estate (apartment, dwelling house, public space, except for production premises)

Mortgage can be the property in Yerevan establishing a maximum ratio of 60% , in Abovyan, Echmiadzin, Dilijan towns, establishing a maximum ratio of 50%, in Martuni, Goris towns to 30%, in Ijevan, Sevan, Masis, Armavir, Gyumri, Spitak, Hrazdan, Tsakhkadzor, Dilijan, Ashtarak, Artashat and Vanadzor - up to 40%.

Penalty on past-due interest 0.07% daily
Penalty on past-due principle   0.06% daily
Requirements to the credit history of the Borrower and Guarantors  The borrower and guarantor must not have past-due/classified liabilities (loan, line of credit, overdraft, guarantee etc.) on the day the loan application is submitted and within 24 months prior to the loan application as well as total days of past-due liabilities shall not exceed 30 days
Application processing fee AMD 5 000 
Loan file processing fee  0.5% of the loan amount, AMD 25 000 minimum and AMD 150 000 maximum
Credit rating The sum of all current loan commitments of the Borrower, including the guarantees provided and the loan extended, can not exceed 60% of the assessed liquidity value of the pledged property if the property is located in Yerevan, Abovyan, Echmiadzin and Dilijan, 50% in the remaining towns.

*Exceptions may apply for the age limit where the borrower age does not exceed 65 years of age by loan maturity.    

Attention: Loan interest rates shall accrue based on the nominal interest rate, while the effective annual interest rate shall show how much the loan will cost to you in case interests and other mandatory payments with regards to loan disbursement and service are repaid in due amounts and specified timelines.

Fees payable

Appraisal fee AMD 15,000-35,000 
Notary fee AMD 12,000-15,000 
Cadastre related fee AMD 26,400
Common reference AMD 10,000 

**Collateral shall be appraised by one of the independent appraisal companies cooperating with the Bank.

  • The property must be neither a public housing nor be located in the territory of other building – either hostel or hotel territory,
  • All unauthorized constructions of the real estate must be registered and outlined in the ownership certificate (must be legalized),
  • The real property must not be located in a three-degree and more unsafe building,
  • If the pledged property is a detached house, it will be completely pledged.
  • Loan interest rate shall be accrued over the outstanding amount with 365 days in a year.
  • Loan interests shall be calculated based on the annual nominal interest rate.
Required documents
  • Loan application
  • Copies of the applicant’s passport and social security card (where the applicant lacks the documents, a reference approved by a respective department shall be submitted)   
  • A copy of the marriage certificate (divorce certificate, spouse's death certificate)
  • Copies of family members’ passports and social security cards
  • A copy of the ownership certificate of the secured property together with the original copy and grounding documentation thereof
  • A reference issued by territorial subdivision of the State Committee of Real Estate Cadaster under the Government of the Republic of Armenia regarding restrictions on the property to be pledged (such reference shall be provided upon positive lending decision)
  • Appraisal report made by a person holding a respective license   
  • Other documents upon credit officer’s request  

Attention: Where a loan is disbursed, a credit officer may require to renew any of the documents in the list during the loan effective period.  

Useful information

The loan application will be approved if:

  1. the customer has submitted the complete package of documentation (passport and social security card, employment reference regarding position, salary and work experience in the given company).
  2. After the loan application and the required documentation have been submitted, a query is made ACRA credit bureau regarding the customer’s credit history.
  3. After the Bank discovers that the customer has a positive credit history or no credit history at all, the Bank shall make an evaluation of the customer’s creditworthiness and solvency.
  4. If the evaluation of creditworthiness shows positive results the Bank shall disburse the loan.

The loan application will be rejected if:

  1. the customer fails to submit all documents necessary for getting the loan (passport and social security card, employment reference regarding position, salary and work experience in the given company).
  2. the customer must have a six-month work experience and must have got a salary for at least 1 month.
  3. the query made to “ACRA Credit Reporting” credit bureau shows that the customer had past-due or classified liabilities within 24 months prior to the loan application (except for repaid guarantees) as well as the total of past-due liabilities exceeded 30 days. 
  4. the customer turned out to be not credit worthy as a result of credit rating.    
  5. the body authorized to take loan decisions rejected the loan application.
  6. the loan has been approved, but the customer has failed to present himself/herself within 10 days after approval or has failed to present the necessary documents.
  7. During the lending process the Bank has received information which prejudices the customer’s solvency. 
Attention

Your property (house, vehicle, or other) may be confiscated in the manner provided for by law where you fail to repay your interests and principal in time.

Where you fail to perform your loan obligations, the loan security, as well as another property of the borrower if the former is insufficient, may be seized and sold in a court or out-of-court procedure both through direct sale and public auction.

Where you fail to perform your obligations either fully or partially, the Lender shall send those data to the credit bureau within a three-day period, where your credit history is generated. You shall have the right to obtain your credit history from the bureau free of charge. Attention: A bad credit history may hinder lending in the future.  

When applying for a loan, the Lender shall provide you and guarantor(s) (if any) with an individual sheet on essential terms, wherein you will come across individual terms of the loan to be disbursed to you.  

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ABC finance

Page updated 17.01.2020 | 10:03

In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.