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Transfer of mortgage loans

Transfer of mortgage loans

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ARARATBANK offers flexible repayment terms for your mortgage loan. By transferring your mortgage loan from other banks operating in the territory of the Republic of Armenia to ARARATBANK, you can enjoy the lending terms and conditions below:

  • Currency

    AMD, USD

  • Maximum amount

    AMD 150.000.000, USD 300․000

  • Maturity

    60-180 months

Conditions
Borrower

RA citizen and resident at the age of 22. The age shall not exceed 55 

Co-borrower RA citizen and resident at the age of 22, who is the Borrower’s family member and whose age cannot exceed 55 
Loan purpose Transfer of a mortgage loan from other bank  (except for the mortgage loans disbursed for renovation and construction purposes)
Additional condition

Credit, pledge and sales agreements of the loan to be transferred shall be submitted

Currency AMD, USD
Maximum loan amount AMD 150,000,000, USD 300,000
Maximum LTV ratio Up to 80% of the appraised market value  
Loan security Real estate serving as a loan security of the mortgage loan to be transferred, and in case exceeding the loan-to-value ratio, other additional real estate acceptable for the bank 
Loan maturity 60-180 months
Annual interest rate Up to 120 months - 9%, from 121 to 180 months - 7% + 6 monthly LIBOR
Loan repayments Annuity or straight-line amortization of the principle amount

Principle and interest repayments

Monthly
Insurance

Mandatory, every year.

Insurance of the property – in the amount of outstanding loan

Penalty on past-due loan

Daily 0.06%
Penalty on past-due interest   Daily 0.07%
Requirements to the Borrower’s and co-borrowers’ credit history    Lack of past-due or classified liabilities (except for repaid guarantees) within 12 months prior to submitting a loan application. Total of past-due days shall not exceed 30 days      
Credit rating In compliance with the Procedure on Mortgage Lending 
Application processing fee Not applicable
Loan service fee Not applicable
Early repayment charge Not applicable
Monitoring In compliance with the procedure effective at the Bank

In case the loan is extended in US dollars, changes in foreign currency exchange rate may influence the loan repayments.

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 12,000-15,000 
Cadastre related fee AMD 26,000 
Common reference AMD 10,000 

See information bulletin in «Provided services'» section 

Required documents

Please follow the Armenian version

Useful information

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 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 life and property to the net income of the borrower/co-borrower does not exceed 35 (thirty-five) percent.
  • the ratio of the total payments specified in paragraph 3 and other long-term monthly expenses (payments on other loans, alimony, tuition fee, rental fee, utility payments etc.) of the borrower/co-borrower to the net income of the borrower/co-borrower does not exceed 45 (forty-five) percent.
  • the appraised value of the Collateral or Collaterals meets the requirements.
  • both the borrower’s and co-borrowers’ 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 and/or co-borrower 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 and co-borrower revenues are insufficient.
  • the borrower and co-borrower 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.
  • Other requirements.
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 04.02.2020 | 09:45

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