Mortgage loans for acquisition of apartments in a multistory building under construction at 25 Pushkin St., Yerevan


Mortgage loans for acquisition of apartments in a multistory building under construction at 25 Pushkin St., Yerevan

Borrower

 

RA citizen and resident individual aged 20 (twenty)

Borrower age shall no exceed 55 (fifty-five)

Co-borrower

RA citizen and resident individual aged 20 (twenty), who is the member of the Borrower family and whose age shall not exceed 55 (fifty-five)

Loan purpose

Apartment acquisition

Currency

 

AMD

USD

EUR

Maximum loan amount

AMD 100.000.000 (one hundred million),

USD 500.000 (five hundred thousand),

EUR 500.000 (five hundred thousand).

Maximum loan-to-value ratio

In case the Borrower acquires an apartment in the building under construction - up to 70% of the appraised value of the additional collateral  

In case the Borrower acquires an apartment with 80% and over completion - up to 70% of the appraised market value, or up to 95% of the appraised liquidation value  

Loan security

Property to be acquired, additional property in Yerevan* (apartment, residential house, public space, except for  production areas)

Loan maturity

AMD –  up to 60 months,

USD –  up to 180 months,

EUR – up to 180 months.

Annual interest rate

AMD – 14% (fourteen percent)

USD –  1-5 years -  10% (ten percent), thereafter 8% (eight percent)  + 6 (six) monthly LIBOR

EUR –  1-5 years -  9% (nine percent),  thereafter 8% ( eight percent)  + 6 (six) monthly EURIBOR

Loan repayments

Annuity

Principle and interest repayments

Monthly

Insurance

Mandatory, every year. Insurance against accidents in the amount of outstanding loan and property insurance in the amount of appraised value after the construction is completed.  

Penalty on past-due principle  

 0.3% daily

Penalty on past-due interest

0.5% daily

Annual interest rate on past-due principle  

CBA bank reference rate  

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

Lack of past-due 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 

Application processing fee

AMD 5.000 (five thousand)

Loan service fee

Upfront fee in the amount of 0.5% of the loan amount on the loan disbursement date, AMD 70.000 minimum and AMD 120.000 maximum  

Monitoring

In compliance with the procedure effective at the Bank

  

Notification:

* Additional property in Yerevan. The collateral shall be appraised by one of the independent appraisal companies cooperating with the Bank. At that:    

 

  • The property must be located neither in the territory of a hostel or hotel,
  • The ownership certificate shall not include unauthorized constructions,
  • The real property must not be located in a three-degree and more unsafe building.

 

 




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