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Consumer loans secured by real estate

Consumer loans secured by real estate

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If you need big money at affordable terms for personal purposes, you can apply to ARARATBANK to get a consumer loan secured by real estate.      

Where the Borrower income complies with the requirements set out by the Bank, no guarantor shall be required for the real estate-secured consumer loan.

  • Currency

    AMD

  • Maximum amount

    AMD 50.000.000

  • Maximum

    96 months

  • Interest rate

    14-15%։ depends on loan period

Conditions
Borrower

RA citizen and resident individual aged 22 (twenty-two)

Borrower age shall no exceed 55 (fifty-five) 

Guarantor*

RA citizen and resident individual aged 22 (twenty-two)

Borrower age shall no exceed 55 (fifty-five) 

Currency AMD
Loan purpose Personal
Loan minimum amount AMD 1.500.000
Maximum loan amount AMD 50.000.000
Maximum loan maturity 36-96 months
Annual interest rate 36-60 months: 14%, 61-96 months: 15%
Loan disbursement mode Cash/non-cash
Principle and interest repayments Monthly, annuity repayment mode
Type of collateral** Real estate acceptable for the Bank (apartment, residential house, public space, except for  production areas)

Maximum loan-to-value ratio  (liquidation value)

80%
Annual interest rate on past-due principle Annual interest rate stipilated by loan agreement
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 Guarantor  Lack of classified liabilities within 24 months prior to the loan application (except for redeemed guarantees) as well as the total of past-due liabilities shall not exceed 40 days     
Application processing fee AMD 5 000 
Loan file preparation and service fee 0.1% of the loan amount, min. AMD 10 000
Credit rating

1.Debt-to-income maximum ratio 35% (monthly repayment of the given loan/borrower’s and co-borrower’s or guarantor’s income)

2. Total debt-to-income maximum ratio 45% (all liabilities of the borrower and co-borrower or guarantor / borrower’s and co-borrower’s or guarantor’s income)

Non-taxable income shall be taken as basis.

Minimum consumer basket shall not be calculated.

Premature repayment No penalty charged 

*No guarantor is required, where the income statement provided by the borrower meets credit rating requirements specified in this Table.   

Borrower and guarantor maximum age may be considered up to 60 years of age, where maximum loan maturity does not exceed 60 months.     

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 AMD12,000-15,000 
Cadastre related fee AMD 26,400 
Common reference AMD 10,000 

**The collateral shall be appraised by an independent appraisal company cooperating with the Bank and must be acceptable for the Bank.

 

Required documents

Please follow the Armenian version

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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Page updated 16.01.2020 | 17:41

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