Individual loans provided to individuals by products / Terms and Tariffs /

Mortgage loans (under the State support program for providing access to affordable housing to families displaced from certain regions of the Republic of Artsakh)

1.

Eligibility

RA residents and non-residents aged 18– 63 who during the loan period will not turn 63 or the loan will be shared by a co-borrower who meets these requirements.

2.

Program beneficiaries

Persons defined by Article 4 of Government decision # 169-L dated February 17, 2022

3.

Loan purpose

Renovation of the apartment/single-family home purchased under the Program and pledged to EVOCABANK

4.

Loan currency

AMD

5. 

Loan amount

AMD 100,000.00 – AMD 5,000,000.00, but not more than the amount of difference between the certificate amount and contractual mortgage loan amount.

6. 

Loan repayment period

60 months

7. 

Nominal interest rate per annum

13%

8. 

Penalty for early loan repayment

Not applicable

9. 

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. 

10. 

Loan security

Not required

11.

Insurance

Not required

12. 

Loan disbursement method

Non-cash: in a lump-sum or in several tranches, based on the Bank’s decision

13. 

Fees and charges

Not applicable  

14.

Creditworthiness assessment

As of the date of the loan application, the borrower should not have substandard loans.

Creditworthiness assessment is not required.

15. 

Timeline for making decision on  loan application approval or rejection

  • 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,
  • If approved by the Bank, the loan will be provided within 2 (two) business days.

16. 

Other provisions

The cases falling outside these terms, will be regulated based on the provisions and terms as specified by Government decision 169-L dated February 17, 2022.