Individual loans provided to individuals by products / Terms and Tariffs /
-
- Personal loans secured by property (creditworthiness rating)
- Personal loans secured by property (without income source verification)
- Personal loan with guarantee
- Student consumer loans (program)
- Loans with gold pledge (Lombard loan)
- Gold mortgage (pawnshop) loans with credit rating
- Overdrafts with payment cards (credit cards)
- Credit limit provided by Visa Infinite payment cards
- Evolution
- Deposit secured loan / credit limit
- EvocaHOME
-
- Housing mortgage loans
- Mortgage loans "Affordable Housing for Young Families"
- Mortgage Loans under the National Mortgage Company program
- Commercial mortgage loans
- Renovation loan under National Mortgage Company
- Loans for EE renovation of apartments and individual dwellings
- National Mortgage Company EE Improvement Repair Loan, My Roof
- Construction loans under the program of the National Mortgage Company
- Mortgage loan to displaced families from Artsakh regions
- Housing mortgages with floating interest rate
- Housing mortgages for non-resident individuals
- Affordable housing for servicemen under NMC program
- Affordable housing for servicemen
- Home renovation mortgage loans from families displaced from Artsakh
Mortgage loan to displaced families from Artsakh regions
1. |
Loan purpose |
Using Bank’s own resources |
Using resources of National Mortgage Program |
Using resources of Housing for Young Families Program |
||||
Construction or acquisition (in primary and secondary markets) of residential property (apartment, single-family home) in Armenia. |
Acquisition (in primary and secondary markets) of residential property (apartment, single-family home) in Armenia. |
|||||||
2. |
Eligibility |
Using Bank’s own resources |
Using resources of National Mortgage Program |
Using resources of Housing for Young Families Program |
||||
The individual specified in the certificate or a member of their family. The borrower’s high threshold age will be no hindrance if the loan is shared by a co-borrower who will not turn 63 during the loan service period. |
||||||||
3. |
Program beneficiaries |
Persons defined by Article 4 of Government decision # 169-L dated February 17, 2022 |
||||||
4. |
Loan currency |
AMD |
||||||
5. |
Loan amount |
Bank’s own resources |
National Mortgage Program resources |
Housing for Young Families Program resources |
||||
AMD 2,000,000.00-AMD 30,000,000.00 |
|
AMD 2,000,000.00 – |
||||||
6. |
Loan repayment period |
120 months |
||||||
7. |
Down payment |
The minimum down payment represents the following percentage of either the appraised or acquisition values of the real property (purchased both in the primary and secondary markets), whichever is lower:
|
||||||
8. |
Nominal interest rate per annum |
Bank’s own resources |
National Mortgage Program resources |
Housing for Young Families Program resources |
||||
13% |
10 - 13 % |
10 % |
||||||
9. |
Assistance limits |
1. For acquisition or construction of residential property in Yerevan – up to AMD 8 mln, while for interest payment – up to 8%, 2. For acquisition or construction of residential property in provinces of the Republic of Armenia – up to AMD 10 mln, while for payment of interest – up to 10% under NMC and HYF programs, up to 13% - if using the Bank’s resources. 3. For acquisition or construction (completion of construction) of residential property in a settlement included in the list of the Republic of Armenia rural border areas: for monthly repayment of mortgage loan principal – up to AMD 12 mln in total, while for interest payment – up to 12% under NMC and HYF programs, and up to 13% if the borrower uses the Bank’s resources. 4. For acquisition of residential property with a mortgage in border areas - up to AMD 14 mln, while for payment of interest - up to 13%, 5. For construction of single-family home in border areas – up to AMD 16 mln, while for payment of interest – up to 13%. |
||||||
10. |
Penalty for loan prepayment |
Not applicable |
||||||
11. |
Penalty charged for late payment of loan principal and/or interest |
For past due principal - 0,015 % per day, For past due interest - 0,1 % per day. |
||||||
12. |
Loan security |
The real property to be purchased, the right of first offer. For construction loans, the land lot on which the real property is being built/the real property under construction. |
||||||
13. |
Insurance |
Bank’s own resources |
National Mortgage Program resources |
Housing for Young Families Program resources |
||||
Not required |
1. Insurance of pledged property 2. Life insurance of borrower and co-borrowers. 3. The loan balance calculation does not include the amount of government’s financial assistance. |
1. Insurance of pledged property 2. Life insurance of borrower and co-borrowers. 3. The loan balance calculation does not include the amount of government’s financial assistance. |
||||||
14. |
Method of loan disbursement |
Non-cash, in a lump-sum or in several tranches. |
||||||
15. |
Bank’s fees and charges |
Not applicable |
||||||
16. |
Creditworthiness assessment |
1. The borrower, co-borrowers, pledgers should not have current substandard loans as of the date of submission of loan application, 2. If the loan amount does not exceed the limits of government’s assistance as specified in the program, creditworthiness assessment is not required (in case of absence of any other credit liabilities). |
||||||
Bank’s own resources |
National Mortgage Program resources |
Housing for Young Families Program resources |
||||||
If the loan amount exceeds the limits of government’s assistance as specified in the program, creditworthiness assessment will be conducted in compliance with the Bank’s procedure, besides, the OTI ratio representing the ratio of all obligations to incomes may equal 100% at most. |
In compliance with the Program’s procedure for mortgage loan refinancing. Besides, the monthly payments may be calculated as the difference between the contractual loan amount and financial assistance from the government. |
In compliance with the Program’s procedure for mortgage loan refinancing. Besides, the monthly payments may be calculated as the difference between the contractual loan amount and financial assistance from the government. |
||||||
17. |
Timeline for making decision on loan application approval or rejection |
1. The decision on approving or declining the loan application will be made within 10 (Ten) business days upon submission of the entire package of required preliminary documents. 2. The loan will be made available to the borrower within 2 (two) business days upon approval of the loan application and completion of the pledging process. |
||||||
18. |
Other provisions |
The cases falling outside these terms, will be regulated based on the provisions and terms of Government decision 169-L dated February 17, 2022. |