Credit for property repair

“CLASSICAL”

Credit for property repair

Purpose

 Credit for the repair or reconstruction of an apartment in a multi-apartment house or a house

Target group

Physical persons, RA residents, having a stable income

Maximum credit amount

A

           B          

C

75,000 USD

12,000,000 AMD

25,000 USD 4,000,000 AMD

15,000 USD

2,000,000 AMD

Maximum credit period (months)

AMD, USD
If the credit is provided in foreign currency, foreign currency movements may have its influence in the credit repayments. 

Maximum credit period (months)

A

B

C

48 – AMD
84 - USD

48 - AMD
60 - USD

36 - AMD
48 - USD

Annual interest rate

A

B

C

17 - AMD
14 - USD

18 - AMD
15 - USD

18 - AMD
15 - USD

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 the annual 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

1. Commissions for granting loans:

  - For the credits up to 30,000 USD - 50,000 AMD

  - For the credits from 30,001 and more - 80,000 AMD

2. Cash-withdrawal commission (according to the tariffs for cashing at the time of withdrawal from the account)

Repayment order

1. On monthly basis,  the main debt in equal installments.

2. Annuity payments on monthly basis

Credit interest is computed on the reduced credit reminder.

Pre-payment possibility

Is allowed without any penalties

Penalties

For delay in payment of principal credit sum

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

For not paying interests

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

Security

Collateral

Acquired real estate

Third person guarantee

Is not obligatory

The appropriateness is determined by Bank

Attention!

In case of interests and credit amount repayments not in time, the pledged property can be confiscated and the information on the borrower will be registered in the Credit Register.  

In case of credit debts not fulfillment and debts repayment at the collateral 's expense, it is possible debts repayment at the expense of the other property of the borrower if the collateral is not enough to cover  borrower’s  credit debts. 

The ratio of the loan amount to the pledge

Maximum 80%

The collateral is estimated and insured by companies cooperating with the bank /see the list here/.

The price range of additional services is:

• property estimation - from 15,000 AMD (depending on the property type and area)
• property insurance - 0.2% of the assessed value or of the loan amount (by the customer's request)
• personal insurance - 0.25% of the loan amount
• payment of notarial services - according to the notary law

Collateral valuation

Obligatory by the independent licensed appraiser company at the borrower’ expenses

Insurance

Property

Obligatory

Personal

Obligatory

Requirements to the collateral

1. Apartment
The apartment should be highly liquid. The credits are not issued in buildings with high wear.
2. House
Own house should have a plot of land with separate convenient entrance. The house should not have common walls with neighbors. Minimum floor area - 100 sq.m.

Territorial limitation

Settlement

A

Yerevan  

B

Gumri, Vanadzor, Abovyan, Jrvej, Dzoraghbyur, Echmiadzin

C

Tsakhkadzor, Argavand, Parakyar, Kasakh, Aring, Stepanakert, Hrazdan, Tashir, Tashir, Sevan, Armavir, Martuni, Ashtarak, Kapan, Artashat, Ijevan, Dilijan, Stepanavan,Zovuni, Eghvard, Ptghni, Eghegnadzor, Jermuk, Artik, Gavar, Alaverdi

Maximum period for the decision acceptance on the credit application.

Within 4 days, after all the necessary documents presentation.

Maximum period for notification to the client on the Bank decision.

Within 1 days

Maximum period for credit granting

Within 1 working day after collateral state registration.