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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.  

  • Interest rate

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

  • Maturity

    60-180 months

  • Maximum amount

    USD 150.000

  • Currency

    USD

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

See information bulletin in «Provided services'» section 

Required documents

Please follow the Armenian version

Important to know
  • The collateral appraisal shall be made by independent licensed appraisal companies cooperating with the Bank at the rates set by appraisal companies. Please refer here for the list and rates of appraisal companies.
  • Annual actual interest rate shows how much the loan will cost to the customer in case interests and other payments are repaid in due amounts and specified timelines. Go to this link for calculation of the annual actual interest rate.
  • The collateral shall be subject to insurance at the rates set by insurance companies for the whole loan period. Moreover, appraised liquidation value of the property shall be deemed as basis for the property insurance. Please refer here for the list and rates of insurance companies.
  • Fines and penalties are not applied in case of early repayment of the loan.

 

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.

Loan amount

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Annual interest rate

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Page updated 05.04.2019 | 17:03

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