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Acquisition of apartments at 11/4 Gyurjyan St.

Acquisition of apartments at 11/4 Gyurjyan St.

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ARARATBANK enables you to acquire an apartment of your dream in a multistory building at 11/3 Gyurjyan St.

  • Interest rate

    AMD – 11․5% USD – 8․5% starting from 61st month the percentages change

  • Maturity

    120-240 months

  • Maximum amount

    AMD 60.000.000, USD 120,000

  • Currency

    AMD, USD

Conditions
Borrower

RA citizen and resident individual aged 22 

Borrower age shall not exceed 55 

Co-borrower RA citizen and resident individual aged 22, who is the member of the Borrower family and whose age shall not exceed 55 
Loan purpose Apartment acquisition
Currency

AMD

USD

Minimum loan amount

AMD 5.000.000

USD 10.000

Maximum loan amount

AMD 60.000.000 

USD 120.000 

Maximum loan-to-value ratio
  1. Up to 100% of the appraised market value, where there is a property to be acquired or there is the purchasing right to the property to be acquired.
  2. 2. Up to 100% of the property purchase price, where additional property is pledged, however, not more than 80% of the total of the appraised market values of the property to be pledged.
Advance payment To the cash account opened with the bank in the name of a purchaser or a reference from a developer on the advance payment is submitted.
Loan security

The property to be acquired or the purchasing right to the property to be acquired, additional real estate at the appraised market value.

Loan disbursement mode
  1. By tranches (non-cash) where only the purchasing right to the property to be acquired is pledged

          1st stage – 80% of the loan amount subject to disbursement;

          2nd stage - 20% of the loan amount subject to disbursement,                  where construction works are completed for 100%.

      2. One-time, (non-cash) – where there is an additional property,                  however, not more than 80% of the appraised market value of the            collateral.      

Loan maturity   120-240 months
Annual interest rate

AMD – up to 60 months – 11.5%, thereafter, from 61st month till 240 months, yield curve interest rate before redemption of ten-year maturity RA Government coupon bonds + 3%, while, where it is impossible to apply yield curve interest rate before redemption of ten-year maturity RA Government coupon bonds, 7% shall be applied + the recent refinancing interest rate set by CBA. 

USD –  up to 60 months - 8.5%, thereafter 7% + six-month LIBOR from 61st month till 240 months, while, where it is impossible to apply LIBOR, 7% shall be applied + upper limit of targeted federal funds rate determined by the US Federal Reserve System. 

Loan repayments

AMD – annuity.

USD - annuity or flat-rate depreciation of the principle amount

Principle and interest repayments

Monthly - annuity or flat-rate depreciation (upon borrower request, with maximum six-month grace period for monthly repayment of interests only prior to the completion of construction works, with the possibility of equal monthly repayment of principle and interests thereafter)  

Insurance

Insurance against accidents prior to the completion of the property construction works in the amount of outstanding loan.

Property insurance in the amount of outstanding loan.

Penalty on past-due principle 0.06% daily
Penalty on past-due interest 0.07% daily
Early repayment charge  Not applicable
Requirements to the credit history of the Borrower, Co-borrowers and Guarantors  L

Lack of classified liabilities (except for repaid guarantees) within 24 months prior to the loan application as well as the total of past-due liabilities shall not exceed 30 days (except for guarantees)   

Credit rating In compliance with the Procedure on Mortgage Lending
Application processing fee AMD 10.000
Loan service fee 0.5% of the loan amount, AMD 50.000 minimum and AMD 100.000 maximum 
Monitoring

The bank shall conduct monitoring of construction works at least every 3 months (monitoring shall be also conducted mandatorily prior to the disbursement of the second tranche).

After the completion of the construction works, monitoring shall be conducted in compliance with the Procedure in place in the Bank.  

Revolving credit possibility

Lending possibility of up to 50% of the principle repaid within the first 84 months of the loan effective period. 

See information bulletin in «Provided services'» section 

Required documents

Please follow the Armenian version

Useful information
  • After the authorized body has made a loan decision, the borrower shall be notified about it within one day. After the loan disbursement decision has been made, the required documents shall be collected and the loan shall be disbursed within 15 days. If the loan is not disbursed within the mentioned period, the decision made by the authorized body shall be deemed as void and shall be submitted to the authorized body for reconsideration, in case the loan application is subject to review.
  • Fines and penalties are not applied in case of early repayment of the loan.

The loan application will be approved if:

  • the customer has submitted the complete package of documentation and the loan application.
  • 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.
  • 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.
  • the appraised value of the Collateral or Collaterals meets the requirements.
  • both the borrower’s, co-borrowers’ and guarantor’s revenues meet the requirements.
  • the body authorized to take loan decisions within the Bank approved the loan application.

 

The loan application will be rejected if:

  • the customer fails to submit all documents necessary for getting the loan.
  • 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.
  • the appraised value of the Collateral or Collaterals is insufficient.
  • both the borrower/co-borrower and/or guarantor revenues are insufficient.
  • the borrower/co-borrower and/or guarantor submit false documents and/or information.
  • the rejection base of loan application is available in the loan historical database, which is not removed.
  • the body authorized to take loan decisions rejected the loan application.
  • 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

Please follow the Armenian version

Loan amount

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Annual interest rate

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Page updated 17.09.2019 | 15:05

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