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Mortgage loans directly from the property developers

Mortgage loans directly from the property developers

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If you have decided to acquire an apartment, ARARATBANK offers to buy it directly from the property developers.  

  • Currency

    USD

  • Maturity

    60-180 months

  • Maximum amount

    AMD: 50․000․000 ՀՀ դրամ, USD: 100.000

  • Interest rate

    Starting from 12.5% in case of AMD, starting from 9% in case of USD Starting from 60 months

Conditions
Borrower

RA citizen and resident individual aged 20 
Borrower age shall not exceed 55 

Co-borrower RA citizen and resident individual aged 20, who is the member of the Borrower family and whose age shall not exceed 55  
Loan purpose Apartment acquisition
Currency AMD, USD
Maximum loan amount AMD 50.000.000, USD 100.000
Minimum loan amount AMD 5.000.000, USD 10.000
Maximum loan-to-value ratio Up to 80% of the market value
Loan security Property to be acquired
Loan maturity 60-180 months
Annual interest rate 1-5 years  10%, thereafter 8% + 6 monthly LIBOR
Down payment
  1. To the AMD account opened in the name of buyer in the bank
  2. Reference on down payment from the construction company  shall be submitted
Loan repayments Annuity, equal amortization
Principle and interest repayments Monthly
Insurance

Mandatory, annually. 
Property insurance only in the amount of outstanding loan

Penalty on past-due principle 0.06% daily
Penalty on past-due interest 0.07% daily
Penalties for early repayment of loan N/A

Requirements to the credit history of the Borrower and Co-borrower

Lack of past-due or classified liabilities within 12 months prior to the loan application as well as the total of past-due liabilities shall not exceed 30 days 
Credit rating In compliance with the Procedure on Mortgage Lending 
Loan processing fee AMD 10.000 
Monitoring In compliance with the procedure effective at the Bank 
Loan processing fee 1% of the loan amount, at least AMD 30,000 and maximum AMD 100,000


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.

The effective annual interest rate may change depending on the change of the exchange rate value published on the official website of the Central Bank of the Republic of Armenia.

Where the loan is disbursed in foreign currency, changes in exchange rate may affect the loan repayments.

Fees payable

Appraisal fee AMD 15,000-35.000 
Insurance fee 0.15-0.16%
Notary fee AMD 47,000-60,000 
Cadastre related fee AMD 105,000 
Common reference AMD 30․000 

See information bulletin in «Provided services'» section 

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 and the loan application.
  2. the query made to “ACRA Credit Reporting” credit bureau shows that the potential borrower and/or co-borrower and/or potential guarantor did not have classified liabilities and/or on the whole were not at least 30 days past due within the past 24 months prior to the query.
  3. the ratio of monthly loan repayments, monthly insurance fees of the borrower’s and co- borrower's property and other long-term monthly expenses of the borrower/co-borrower and guarantor to the net income of the borrower/co-borrower and guarantor does not exceed 45 (forty-five) percent.
  4. the appraised value of the Collateral or Collaterals meets the requirements.
  5. both the borrower’s, co-borrowers’ and guarantor’s revenues meet the requirements.
  6. the body authorized to take loan decisions within the Bank approved the loan application.

 

The loan application will be rejected if:

  1. the customer fails to submit all documents necessary for getting the loan.
  2. the query made to “ACRA Credit Reporting” credit bureau shows that the potential borrower/co-borrower and/or potential guarantor had classified liabilities and/or on the whole were at least 30 days past due within past 24 months prior to the query.
  3. the appraised value of the Collateral or Collaterals is insufficient.
  4. both the borrower/co-borrower and/or guarantor revenues are insufficient.
  5. the borrower/co-borrower and/or guarantor submit false documents and/or information.
  6. the rejection base of loan application is available in the loan historical database, which is not removed.
  7. the body authorized to take loan decisions rejected the loan application.
  8. the loan has been approved, but the customer has failed to present himself/herself within 15 days after approval or has failed to present the necessary documents.
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.  

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Page updated 26.12.2019 | 11:36

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