Credit for Development or Repair of Real Estate
Main credit conditions
“PRIVELEGED DEVELOPMENT” Credit for Development or Repair of Real Estate | ||||
Target use |
Credit is issued for the development or repair of a living house, mansion or business area | |||
Possible borrowers |
RA resident physical persons with stable income | |||
Credit sum |
A | |||
150,000 USD | ||||
Credit currency |
USD If credit is given in foreign currency, exchange fluctuations may influence credit repayment. | |||
Credit period (months) |
A | |||
84 | ||||
Annual interest rate |
A | |||
17% in the case of registering an extra mortgage |
14%` in the case of registering the developing real estate as a mortgage | |||
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 |
For issuing the credit
- 60,001 USD and more` 100,000 AMD: Withdrawing cash – according to active Bank tariffs | |||
Crediting form |
Non cash | |||
Repayment order |
Monthly - in equal installments.
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Pre-term repayment |
Allowed without penalties | |||
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 |
Other liquid mortgage belonging with a right of ownership to the customer or a relative in zones A,B,C The sum of the loan must not exceed the following percentage of the appraised sum of the mortgage
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Third person guarantee |
Is not mandatory, appropriateness decided by the Bank | |||
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Attention!
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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:
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Credit sum/collateral value ratio |
maximum 70%
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Collateral appraisal |
Mandatory, from a licensed independent appraisal company: Done by the borrower. | |||
Insurance |
Property |
Mandatory | ||
Personal |
Mandatory | |||
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. |
Area sample of settlements of RA
Region |
Residence |
A |
Yerevan |
B |
Gyumri, Vanadzor, Abovyan, Jrvezh, Dzoraghbyur, Ejmiatzin |
C |
Tzaghkadzor, Argavand, Paraqar, Qasakh, Arinj, Tashir, Stepanakert, Hrazdan, Sevan, Armavir, Martuni, Ashtarak, Kapan, Artashat, Ijevan, Dilijan, Stepanavan, Zovuni, Eghvard, Ptghni, Eghegnadzor, Jermuk, Artik, Gavar, Alaverdi |
The period of making a decision on credit application
Maximum period for the decision acceptance on the credit application |
After submitting all necessary documents by the credit applicant – 7 working days |
Maximum period for notification to the client on the Bank decision |
3 working days
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Maximum period for credit granting |
After the governmental registration of the mortgage – 2 working days |
List of the documents necessary for the crediting
List of the documents necessary for the crediting in order to repair 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.) |
Updated: 10/08/18 17:15