“Մատչելի բնակարան` երիտասարդ մասնագետներին” ծրագիր


Terms and conditions of mortgage loans disbursed for the purpose of acquisition of apartments in the  multistory building under construction at 55/26 Tsarav Aghbyur street, Yerevan within the framework of “Affordable housing to young professionals” 

Borrower

Individuals, who are RA citizens and residents at the age of 20 (twenty), acting as a beneficiary of the project “Affordable housing to young professionals”. 

The borrower age should not exceed 45 (forty-five).

Co-borrower

Individuals, who are RA citizens and residents at the age of 20 (twenty) and are the Borrower family members, whose age should not exceed 55 (fifty-five).

Loan purpose

Apartment acquisition

Currency

 

AMD

Maximum loan amount

AMD 25.000.000 (twenty-five million), the loan-to-value ratio of which should not exceed 80% 

Prepayment

No prepayment shall be made at the bank.

Reference by the YSU Graduate Union NGO on the prepayment made (minimum in the amount of 20% of the purchasing value of the apartment) shall be submitted. 

Security

Property to be acquired

Loan maturity

120-240 months

Annual interest rate

9%

Loan repayments

Annuity

Loan disbursement mode

By tranches

1st tranche - maximum 50% of the purchasing value of the apartment

2nd tranche -  maximum 20% of the purchasing value of the apartment

3rd tranche -  maximum 10% of the purchasing value of the apartment

Moreover, the 3rd tranche shall be disbursed only upon completion of the construction in case the purchasing right is replaced by the right of ownership and the bank’s right of collateral over the apartment is registered based on the act of transfer of ownership right over the apartment.  

The loan might be disbursed one-time only in cases when the Borrower applies for the 3rd tranche of the loan. 

In this case a reference by the YSU Graduate Union NGO on the prepayment made shall be submitted.  

Loan and interest repayments

Monthly

Loan disbursemn mode

Non-cash

Loan amounts shall be transferred to the account of YSU Graduate Union NGO opened with the bank.

Insurance

Mandatory, each year. Life and property insurance of the borrower and co-borrowers. Life shall be insured on the day the loan is disbursed based on the loan outstanding amount. Property shall be insured during the 3rd tranche of the loan based on the loan outstanding amount after the independent appraisal company appraises the loan security  

Penalty on past-due loan amount

0.3% daily

Penalty on past-due interest

 0.5%  daily

Annual interest rate on past-due loan amount

CBA settlement interest rate

Requirements to the Borrower’s and Co-borrowers’ credit history 

Total number of past-due days of all effective and repaid loans shall not exceed 30 calendar days within the 12 months preceding the loan application. At that, if the borrower and co-borrowers have current loans, such loans must be classified as standard only.   

Credit rating

In compliance with the “Procedure on Disbursement of Mortgage Loans”.

Loan application processing fee

N/A

Loan service fee

N/A

Monitoring

The Bank shall conduct monitoring of the construction at least once every 3 (three) months. 

After the completion of the construction monitoring shall be conducted in compliance with the procedure applicable at the Bank.

Required documents

1. Reference issued by the YSU Graduate Union NGO on being the beneficiary of the project and on the prepayment made. 

2. The rest of the documents shall be submitted in compliance with “Procedure on Disbursement of Mortgage Loans”. 

 

List of work places and occupations of beneficiaries included in the project “Affordable housing to young professionals” 

1

RA banks, credit institutions and insurance companies

2

IT companies

3

Telecommunications companies

4

The Office to the President of the Republic of Armenia

5

The Staff of the National Assembly of  the Republic of Armenia

6

The Staff of the Government of  the Republic of Armenia

7

The Staff of the National Security and Public Council of  the Republic of Armenia 

8

Public, civil, community and special servants of ministiries and government departments

9

Employees of museums, other art and cultural centers  

10

Lecturers, scientific workers, doctors, artists, journalists, pedagogues (preschool, comprehensive,  vocational-technical institutions), sportsmen 

11

Employees of State Non-Profit Organization, State Budgetary Institutions and Organizations

 




Back