Mortgage Loans under the National Mortgage Company program
Evocabank offers mortgage loans under the National Mortgage Company Loan program.
1. |
Loan purpose |
Loans will be provided for acquisition or renovation of residential property, including apartment, single-family home, residential house (both in primary and secondary markets), as well as for construction of a single-family home, residential house. |
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2. |
Eligibility |
RA residents aged 18– 58 who earn their income primarily in Armenia and who during the loan period will not turn 63 or the loan will be shared by a co-borrower who meets these requirements. |
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3. |
Loan currency |
AMD |
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4. |
Loan amount
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Real property acquisition, construction |
AMD 2,000,000- AMD 35,000,000 |
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Renovation |
AMD 1,000,000- AMD 10,000,000 |
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5. |
Loan repayment period |
Real property acquisition, construction |
120 – 240 months |
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Renovation |
60 – 84 months |
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6. |
Nominal interest rate per annum |
Real property acquisition |
13% |
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Real property construction |
13% |
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Renovation |
13 % |
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If the Bank makes a down payment for the borrower, and pays for the borrower’s life insurance and property insurance, (started the second year of the loan period) |
Mentioned interest rate + 0.6% |
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If the Bank pays for the borrower’s life insurance and property insurance, (started the second year of the loan period) |
Mentioned interest rate + 0.4% |
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7. |
Penalty for early loan repayment |
Not applicable |
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8. |
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. |
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9. |
Loan repayment method |
Annuity or equal principal payments to be made on a monthly basis. |
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10. |
Loan security |
The property to be purchased, renovated, other property. In case of construction, the land lot under development/the property under construction, if necessary, other residential property. |
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11. |
Maximum acquisition and appraisal value of real property |
AMD 55,000,000 /only for acquisition of real property |
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12. |
Loan-to-value ratio |
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13. |
Insurance |
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14. |
Loan disbursement method |
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15. |
Other conditions |
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16. |
Timeline for making decision on loan application approval or rejection |
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[1] In calculating the Loan-to-value ratio, we take into consideration either the real property appraisal or acquisition value, whichever is less.
[2] At the amount of difference between the property acquisition value and loan amount.
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