Mortgage loans for acquisition of apartments in a multistory building at 87 Byuzand St.


Borrower

 

RA citizen and resident individual aged 20 (twenty) 

Borrower age shall not 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). 

Guarantor

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

Legal entity

Loan purpose

Acquisition of apartment

Currency 

AMD

USD

Maximum loan amount 

AMD 100.000.000 (one hundred million)

USD 300.000 (three hundred thousand)

Maximum loan-to-value ratio

Where the Borrower acquires an apartment with 80% and over completion - up to 70% of the appraised market value, or up to 100% of the appraised liquidation value   

Loan security

Property to be acquired

Prepayment

Reference issued by the constructor on the prepayment made shall be submitted or the procedure in place in the bank shall be followed (the amount shall be credited to the account opened in the name of the borrower)   

Loan maturity 

AMD –  up to 120 months,

USD –  up to 180 months

Annual interest rate 

AMD – 12% (twelve per cent)

USD – 8.5% (eight point five percent)

Loan repayments

AMD –  annuity

USD – annuity or flat-rate depreciation of the principal amount

Principal and interest repayments 

Monthly

Insurance

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

Property appraisal

Once the certificate on completion is received, the property appraisal will be mandatorily made by the appraisal company cooperating with the Bank  

Penalty on past-due principal

0.06% daily

Penalty on past-due interest

0.07% daily

Early repayment charge

N/A

Annual interest rate on past-due principal  

CBA bank reference rate 

Requirements to the credit history of the Borrower, Co-borrowers and Guarantors if any 

Lack of classified liabilities within 12 months prior to the loan application (except for repaid guarantees) 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 50.000 minimum and AMD 100.000 maximum  

Monitoring

In compliance with the Procedure in place in 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.

Attention!

  • The loan security (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.
  • The collateral shall be subject to insurance at the rates set by appraisal companies for the whole loan period. 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.

SMS service

  terms and conditions

  *SMS on card expiry

*SMS on loan or overdraft expiry date upon customer request

*SMS on the deduction date and amount of the line of credit or overdraft upon customer request

*SMS on annual service fee

*SMS on the monthly repayment of loan or overdraft upon customer request

AMD 30.00 


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 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 life and property to the net income of the borrower/co-borrower does not exceed 35 (thirty-five) percent.
  4. 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.
  5. the appraised value of the Collateral or Collaterals meets the requirements.
  6. both the borrower’s and co-borrowers’ revenues meet the requirements.
  7. the body authorized to take loan decisions within the Bank approved the loan application.
  8. Other requirements.


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 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.
  3. the appraised value of the Collateral or Collaterals is insufficient.
  4. both the borrower and co-borrower revenues are insufficient.
  5. the borrower and co-borrower 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.
  9. Other requirements.

List of required documents for mortgage loans 
31.05.2018
Download

Employment reference

2018-05-31
Download


Please refer to https://www.fininfo.am/finhelper/index.php to get understanding of the system of Financial Assistant.  




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