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

1.

Eligibility

RA 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.

Loan currency

AMD

3.

Loan amount

AMD 3,000,000  – AMD 45,000,000 

4.

Loan repayment period

120-240 months

5.

Nominal interest rate per annum

13%

If the borrower's life and property insurance is implemented by the Bank  (started the second year of the loan period)

Mentioned interest rate + 0.4%

6.

Loan-to-Income ratio /OTI/

45%

7.

Loan security

The land parcel under development or the semifinished building, as well as other residential property.

8.

Loan prepayment penalty

Not applicable

9.

Penalty for late payment of interest and principal amount

For past due principal amount - 0,015 % per day,

For past due interest amount  - 0,1 % per day.

10.

Loan-to-Value ratio

Up to 70% of the appraised value of the real property

11.

Loan disbursement method

Non-cash

12.

Bank fees

No fees will be charged  

13. 

Other conditions

1. The real property is considered energy efficient if the thermal insulation of the walls and roof of the home under construction, windows and glass-covered veranda or balcony areas, as well as external doors meet the requirements of  the Mortgage loan refinancing procedure.  
2. Under the Program, the renovation loan estimate should be prepared using the energy efficiency assessment tool.
3. The loan amount should not exceed 80% of the estimate of construction costs submitted by the customer.
4. Construction loans should be disbursed in several tranches. The last tranche will finance the final stage of construction works and will not exceed 20% of the loan amount.

14.

Insurance

1. Insurance of the pledged real property covering at least the loan amount.
2. Borrowers’ life insurance to cover at least the loan amount.

 15.

Timeline for making decision on  loan application approval or rejection

• The loan will be provided within 2 (two) business days after the approval of the loan application and completion of property pledging procedure.