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REAL ESTATE SECURED OVERDRAFT TERMS AND CONDITIONS

WITHOUT INCOME ANALYSIS

Borrower

RA citizen and resident individual aged 22 (twenty-two), whose age shall not

exceed 55 (fifty-five)  

 

Guarantor

RA citizen and resident individual aged 22 (twenty-two), whose age shall not

exceed 55 (fifty-five) 

Guarantee by at least one person is required. The guarantor shall not be necessarily a family member

Currency

USD

Overdraft maximum amount

USD 50.000 (fifty thousand)     

Overdraft maximum maturity

60 months

Overdraft annual interest rate

14%

Overdraft disbursement mode

By payment card

Overdraft and interest repayments

Monthly, equal amortization

Type of collateral*

Real estate (apartment, residential house, public territory, except for industrial territories) 

The property located in Yerevan, Abovyan, Ejmiatsin, Artashat, Ashtarak, Tsaghkadzor, Vanadzor, Dilijan, Masis, Spitak, Charentsavan, Hrazdan, Armavir, Sevan and Ijevan can be provided as collateral.   

Maximum loan-to-value ratio

40% of the pledged real estate

Loan-to-value ratio shall be calculated on the appraised liquidation value.

Annual interest rate on past due overdraft principle

Annual interest rate stipulated by loan agreement 

Penalty on past due interest

0.3% daily

Penalty on past due principle 

0.2% daily

Requirements to the Borrower’s and Guarantors’ 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 60 000 maximum. 

Credit rating

Total of the Borrower’s all liabilities, including that of guarantees and overdrafts, cannot exceed 50% of the liquidation value of the appraised pledged property.

Card type

MC Standart, Visa Classic

Annual service fee of the payment card

AMD 5 000, 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.    

 

Important to know

*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.

 

SMS service

terms and conditions

* card expiry

* loan or overdraft maturity upon customer request

* (line of credit) overdraft repayment date and amount drawn from the account  upon customer request   

* annual service fee

* loan or overdraft monthly repayment  upon customer request

 

 

 

    AMD 30.00

 

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