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Real estate secured without income analysis

Real estate secured without income analysis

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To meet customer needs, we drafted a loan type without income analysis.   

If you are a diligent borrower and you can’t submit a proof of income, then we have a simple lending solution for you.       

 

  • Interest rate

    13-14% 36-60 months՝ 13%, 61-96՝ 14% (USD) 36-60 months՝ 12%, 61-96՝ 13% (Euro)

  • Maximum period

    36-96 months

  • Maximum amount

    USD 150.000 Euro 100,000

  • Currency

    USD․ EUR

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Conditions
Borrower*

RA citizen and resident individual aged 22, whose age shall not exceed 55
Currency

USD

Euro
Maximum loan amount

USD 3,000

Euro 2,500
Overdraft maximum amount

USD 150.000 

Euro 100,000 
Overdraft maximum maturity 36-96 months
Overdraft annual interest rate

36-60 months՝ 13%, 61-96՝ 14% (USD)

36-60 months՝ 12%, 61-96՝ 13% (Euro)
Overdraft disbursement mode By payment card
Overdraft and interest repayments

Monthly, flat rate depreciation or annuity repayment (annuity repayment shall apply for non-revolving credit lines). 

Type of collateral*

Maximum overdraft-to-value ratio

Real Estate (apartment, dwelling house, public space, except for production premises)
    

The loan security can be the property located in Yerevan city with 60% LTV, Abovyan, Ejmiatsin, Dilijan, Armavir, Masis, Gyumri, Spitak, Hrazdan, Tsaghkadzor and Ahstarak towns with maximum 50% LTV, and Ijevan, Sevan, Artashat, Martuni, Goris and Vanadzor towns  with up to 40% LTV.
Penalty on past due interest 0.07% daily
Penalty on past due principle  0.06% daily
Requirements to the Borrower’s credit history    The borrower and guarantor must not have past-due/classified liabilities (loan, line of credit, overdraft, guarantee etc.) on the day the loan application is submitted and within 24 months prior to the loan application as well as total days of past-due liabilities shall not exceed 30 days.
Loan application processing fee AMD 5 000 
Fee for compiling and processing the loan file 0.3% of the overdraft amount, AMD 20 000 minimum and AMD 150 000 maximum. 
Credit rating the total of all existing loan liabilities of the Borrower including issued guarantees (except for the real estate secured liabilities) and overdraft may not exceed the LTV indicator+10% of the appraised liquidation value of the pledged collateral set out for the given towns.
Card type MC Standard, Visa Classic
Annual service fee of the payment card

AMD 5000, no minimum balance requirement is set.

Card service fee shall be charged once for the overdraft whole effective period. In case of premature repayment, the amount charged for unused years shall be charged back to cardholder.    

*Exceptions may apply for the age limit where the borrower age does not exceed 65 years of age by loan maturity. 

 

Required documents

Please follow the Armenian version

Useful information

  • Collateral shall be appraised by one of the independent appraisal companies cooperating with the Bank.

  • The property must be neither a public housing nor be located in the territory of other building – either hostel or hotel territory,

  • All unauthorized constructions of the real estate must be registered and outlined in the ownership certificate (must be legalized),

  • The real property must not be located in a three-degree and more unsafe building,

  • If the pledged property is a detached house, it will be completely pledged.

 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

Please follow the Armenian version

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Page updated 21.11.2019 | 14:35

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