Repair of real estate within the frame of NMC program

Credit for repair of the living real estate within the frames of  National Mortgage Company UCO CJSC refinancing program

Target use  

Credit issue for the repair and development of multi-apartment building apartment or mansion

Requirements to borrowers and co-borrowers

RA citizens and residents with stable income

  Credit sum

A 

B

20 000 000  AMD

12 000 000 AMD

The sum of the credit must not exceed 40% value of the mortgage

Credit currency

AMD 

Credit period

A

B

120 months

120 months

Annual interest rate

14.9%

15.9%

Credit interest is computed on the basis of the nominal interest rate. The actual interest rate shows the cost of the credit in case of timely payment of interest and other fees. Please see actual interest rate calculation formula here.

During the validity of the credit contract the Bank does not change the nominal interest rate if the borrower does not break terms of the contract.  

Commission Fees

1. 30,000 AMD

2. Withdrawing cash – according to active Bank tariffs

Crediting form

Cashless

Repayment order

Monthly - in equal (annuity) installments.

Pre-term repayment

Allowed without penalties unless pre-repayment is made with other organization’s re-financing: In this case a penalty is charged amounting to 1.5% of the repaid sum

Penalties

Overdue credit

0,2% on the overdue amount for each day of delay.

Overdue interest

0,2% on the overdue amount for each day of delay.

Collateral

Mortgage

Repaired real estate

Third person guarantee

Is not mandatory, appropriateness decided by the Bank

Attention!
In case the borrower does not make payment of interest and credit in time, the pledged property can be confiscated and the information about the borrower is submitted to the Credit Register.
In case of non-fulfillment of credit liabilities and repayment of credit via collateral, in case of insufficiency of collateral to fulfill credit liabilities, repayment may be made via other property. 

The collateral is being appraised and insured by one of the companies cooperating with the Bank (see the list).

Price range for the collateral services is as follows:

• Property appraisal – from 15 000 AMD
• Property insurance – 0.18% from the appraised value
• Personal insurance – 0.25% of credit sum
• Notarization fees – according to the law
• Property governmental registration fee – according to the Cadastre fees

Credit sum/collateral value ratio

maximum 70%

Collateral appraisal

Mandatory, from a licensed independent appraisal company: Done by the borrower.

Insurance

Property

Mandatory, full value of the property

Personal /accidents/

Mandatory, full credit sum

Requirements to mortgage

1. Apartment

The apartment must possess high liquidity (newly built, or Yerevan region with high liquidity, preferably repaired). The credit is not issued in cases with buildings with high degree of wear (Khrushov style, cassette, old and other buildings).

2. Mansion

The mansion must possess separate entrance and land. The mansion must nor have shared walls with the neighbors, the minimum surface must be 100 sq. meters, minimum land surface must be 200 sq. meters.

Other conditions that may limit the availability of credit for the customer are absent. Credit processing takes place in the bank.

Positive factors that may contribute to the issuing of the credit are credit worthiness, existence of positive credit history, quality of the collateral, etc.

Negative factors are insufficient income, existence of negative credit history, submitting an incomplete document package, etc.

Region

Residence

A

Yerevan

B

Gyumri, Vanadzor, Abovyan, Jrvezh, Dzoraghbyur, Ejmiatzin

List of the documents necessary for the crediting in order to purchase an apartment (mansion)

1. Application (set form)

2. Passport

3. Social card

4. Notification from the place of employment, with notes on the position, monthly salary, or a statement of income (set form)

5. If the customer owns a business, then the Charter (copy), notification from the gov. Register about changes in the Charter and income statement (set form)

6. The passports of all the owners of the property being repaired, for minors – birth certificates 

7. If owners or co-owners exist that are absent from the country, then notarized consent, notarized translation, passport copies

8. Repaired property ownership certificate

9. Ground of origin of the mortgaged property

10. A unified notification about limitations from the governmental register of real estate attached to the RA government (after getting positive decision on credit)

11. Photos of the repaired property

12. Other

If the borrower is married՝

13. Passport of the spouse

14. Certificate of marriage 

15. The spouses consent regarding getting the credit and mortgaging the apartment

In case of necessity

16. Third person guarantee (with documents confirming the person of the guarantor and solvency, financial statements etc.)

Maximum period for the decision acceptance on the credit application

After submitting all necessary documents by the credit applicant – 4 working days

Maximum period for notification to the client on the Bank decision

1 working day

Maximum period for credit granting

After the governmental registration of the mortgage – 1 working day