Renovation loans under National Mortgage Company
Make your house more energy efficient with Evocabank!

1. |
Loan purpose |
Renovation of residential property, improvement of living conditions |
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2. |
Eligibility |
RA citizens aged 18– 65 who earn their income primarily in Armenia and who during the loan period will not turn 65 or the loan will be shared by a co-borrower who meets these requirements. |
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3. |
Loan products |
Standard renovation loans |
EE renovation loans |
EE renovation micro-loans |
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4. |
Loan currency |
AMD |
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5. |
Loan amount |
5,000,001 - 15,000,000 |
5,000,001 – 15,000,000 |
275,000 – 5,000,000 |
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6. |
Loan period |
60 - 84 months |
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7. |
Annual interest rates |
Nominal |
Actual |
Nominal |
Actual |
Nominal |
Actual |
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13% |
14.42% |
12.5% |
13.85% |
12.5% |
13.85% |
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8. |
Penalty for late payment of principal and interest |
For past due principal amount - 0.015% per day, For past due interest amount - 0.1% per day. |
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9. |
Loan repayment method |
«Annuity» or «Flexible» |
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10. |
Loan security |
275,000 – 3,000,000 |
A third-party/parties surety bond (if deemed necessary) |
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3,000,001 – 5,000,000 |
A third-party/parties surety bond |
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5,000,001 – 35,000,000 |
Property under renovation |
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11. |
Insurance |
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12. |
Creditworthiness assessment |
If the applicant has real property pledged to the Bank, then no creditworthiness assessment is needed if the loan ranges from AMD 275 000 to AMD 3 000 000. |
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275,000 - 3,000,000 |
OTI 100% |
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3,000,001 - 5,000,000 |
OTI 70% |
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13. |
Other terms and conditions |
Under the Program, the renovation loan estimate should be prepared using energy efficiency assessment tool. |
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14. |
Prerequisites for loan approval |
At least 30% of the loan amount must be used for energy-efficient improvement of the home/apartment and purchase for that purpose of materials/accessories, and purchase of energy efficient household appliances (the share of household appliances cannot exceed 10% of the loan amount). (The list of acceptable for the Bank energy efficient materials/accessories and their limits are set forth in the Program Manual). |
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15. |
Timeline for making decision on loan application approval or rejection |
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