Energy efficiency-oriented reconstruction loan

Loan purpose
Energy efficiency-oriented reconstruction of residential property
Loan amount
AMD equivalent of EUR 4001-10.000(AMD 2.200.001-5.500.000)
Loan currency
AMD
Annual interest rate
11%
Grace period
From 6 months to 2 years
Loan term
120 months
Redemption frequency
Monthly
Security
Real estate
Pledge subject
Real estate collateral is required
Grant way
In stages Cash/ non cash
Commission fee
AMD 5000, One-time fee for the study of the loan application
Account service fee per month 0.05% of loan amount
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Real estate appraisal
Upon the tariff set by any assessment organization having a license designated by RA legislation.
Borrower requirements
Resident individual over 18 years,
Registered and living in the Republic of Armenia,
Has a constant income source acceptable by the Bank.
Borrower/co-borrower must be at least a co-owner of reconstructed residential property
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Guarantee
Insurance of property with insurance company licensed by RA CB at applicable rate. At customer’s expense, as per appraised value of property for entire loan tenor
Accident insurance of borrower and co-borrowers with insurance company licensed by RA CB at applicable rate. By customer, at least for loan amount
Penalties
Overdue Loan 0.2% of the unpaid amount for each overdue day
Overdue Interest 0.4% of the unpaid amount for each overdue day
Attention! In case of not performing the loan liabilities and repaying the liabilities in the account of the collateral, in case of the collateral being not enough to repay the Borrower’s loan liabilities, it is possible to make liabilities repayment on the account of another property of the Borrower and/or Guarantor(s).
Documents presented by individuals

1. Passport copies (of the family members), (2 copies).
2. Marriage certificate copy (if any).
3. Statement from the residence, 3rd form (passport office) and 1 copy.
4. Statement from the workplace (if necessary, information about the paid net salary, income, size of social payments during the last 12 months, and work book).
5. Copy of property certificate (of the acquired apartment, 3 copies) if necessary, copy of the document serving as a basis for certificate provision.
6. Reconstruction expenses pre-calculation (expenses according to articles).
7. Statement that the present apartment is not under barrage (the original and 1 copy), to be presented after loan confirmation.
8. Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen residence card (if any) containing public services number, or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
9. Utilities coupons (if necessary).
10. Copy of Diploma (if any).

Documents presented by legal entities

Corporate entities must present:
1. Loan application to Bank's CEO (Branch Manager, Head of CSD), which includes loan amount, tenor, purpose, and collateral type;
2. If necessary, technical-economic argumentation for the loan (business plan);
3. Copy of State Register certificate (transcript on the executive authority is mandatory);
4. Copy of corporate entity's charter;
5. State Register statement on participants, replacement of the director, and amendments to charter. In case of joint stock companies, statement on shareholders from Central Depository of Armenia OJSC and State Register statement on replacement of the director, and amendments to charter. These documents are not required for corporate entities in case where the decision on borrowing may be made by the director;
6. Authority's decision on borrowing, and pledging property;
7. Tax code (copy); TIN;
8. Set of accounting reports (balance sheet, financial and other reports), tax calculations; etc. for the latest accounting period. If necessary, set of accounting reports (copy), approved by tax authority may be required. If necessary, the Bank may also request an audit report;
9. If necessary (mandatory for loans exceeding AMD 10 mln or foreign currency equivalent thereof), statement of settlements with State budget or statement on liabilities to State budget from the tax authority of relevant location;
10. Statement of accounts receivable and payable (with breakdown if necessary);
11. Documents supporting the ownership right to the property offered as loan security: ownership certificates, customs declarations, invoices, and other documents necessary for pledging;
12. List of fixed assets (if necessary);
13. If necessary, an environmental safety statement from appropriate authority;
14. Copies of licenses (if any);
15. Certificate of marriage (divorce, death of spouse) of pledger;
16. Copies of director's and owners' passports;
17. Personal guarantee of owner/owners or persons related thereto (if necessary);
18. Information on corporate entity where the particular corporate entity has 10% or larger shareholding (if necessary).

Documents to be presented by sole entrepreneurs

 

1. Loan application to Bank's CEO (Branch Manager, Head of CSD), which includes loan amount, tenor, purpose, and collateral type;
2. Copy of State Register certificate;
3. Tax code (copy); TIN;
4. If necessary (mandatory for loans exceeding AMD 10 mln or foreign currency equivalent thereof), statement of settlements with State budget or statement on liabilities to State budget from the tax authority of relevant location;
5. Statement of accounts receivable and payable (with breakdown if necessary);
6. Documents supporting the ownership right to the property offered as loan security: ownership certificates, customs declarations, invoices, and other documents necessary for pledging;
7. Copies of licenses (if any);
8. Passport copy;
9. Certificate of marriage (divorce, death of spouse);
10. Other documents (if necessary).

Attention! In case of failure to repay the interest and the principal on time, the mortgaged property may be confiscated, and the information about the Borrower and/or the Guarantor/s will be recorded in the loan register.
Loan amount
Interest rate calculation procedure
Loan agreement termination
Pledge subject for the Bank
Overdue loan and overdue interest
Documents required for loan grant
Negative conclusion grounds on loan case are
Security
Pledged estate sales rules
Loan purpose
Energy efficiency-oriented reconstruction of residential property
Loan amount
AMD equivalent of EUR 4001-10.000(AMD 2.200.001-5.500.000)
Loan currency
AMD
Annual interest rate
11%
Grace period
From 6 months to 2 years
Loan term
120 months
Redemption frequency
Monthly
Security
Real estate
Pledge subject
Real estate collateral is required
Grant way
In stages Cash/ non cash
Commission fee
AMD 5000, One-time fee for the study of the loan application
Account service fee per month 0.05% of loan amount
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Real estate appraisal
Upon the tariff set by any assessment organization having a license designated by RA legislation.
Borrower requirements
Resident individual over 18 years,
Registered and living in the Republic of Armenia,
Has a constant income source acceptable by the Bank.
Borrower/co-borrower must be at least a co-owner of reconstructed residential property
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Guarantee
Insurance of property with insurance company licensed by RA CB at applicable rate. At customer’s expense, as per appraised value of property for entire loan tenor
Accident insurance of borrower and co-borrowers with insurance company licensed by RA CB at applicable rate. By customer, at least for loan amount
Penalties
Overdue Loan 0.2% of the unpaid amount for each overdue day
Overdue Interest 0.4% of the unpaid amount for each overdue day
Attention! In case of not performing the loan liabilities and repaying the liabilities in the account of the collateral, in case of the collateral being not enough to repay the Borrower’s loan liabilities, it is possible to make liabilities repayment on the account of another property of the Borrower and/or Guarantor(s).
Documents presented by individuals

1. Passport copies (of the family members), (2 copies).
2. Marriage certificate copy (if any).
3. Statement from the residence, 3rd form (passport office) and 1 copy.
4. Statement from the workplace (if necessary, information about the paid net salary, income, size of social payments during the last 12 months, and work book).
5. Copy of property certificate (of the acquired apartment, 3 copies) if necessary, copy of the document serving as a basis for certificate provision.
6. Reconstruction expenses pre-calculation (expenses according to articles).
7. Statement that the present apartment is not under barrage (the original and 1 copy), to be presented after loan confirmation.
8. Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen residence card (if any) containing public services number, or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
9. Utilities coupons (if necessary).
10. Copy of Diploma (if any).

Documents presented by legal entities

Corporate entities must present:
1. Loan application to Bank's CEO (Branch Manager, Head of CSD), which includes loan amount, tenor, purpose, and collateral type;
2. If necessary, technical-economic argumentation for the loan (business plan);
3. Copy of State Register certificate (transcript on the executive authority is mandatory);
4. Copy of corporate entity's charter;
5. State Register statement on participants, replacement of the director, and amendments to charter. In case of joint stock companies, statement on shareholders from Central Depository of Armenia OJSC and State Register statement on replacement of the director, and amendments to charter. These documents are not required for corporate entities in case where the decision on borrowing may be made by the director;
6. Authority's decision on borrowing, and pledging property;
7. Tax code (copy); TIN;
8. Set of accounting reports (balance sheet, financial and other reports), tax calculations; etc. for the latest accounting period. If necessary, set of accounting reports (copy), approved by tax authority may be required. If necessary, the Bank may also request an audit report;
9. If necessary (mandatory for loans exceeding AMD 10 mln or foreign currency equivalent thereof), statement of settlements with State budget or statement on liabilities to State budget from the tax authority of relevant location;
10. Statement of accounts receivable and payable (with breakdown if necessary);
11. Documents supporting the ownership right to the property offered as loan security: ownership certificates, customs declarations, invoices, and other documents necessary for pledging;
12. List of fixed assets (if necessary);
13. If necessary, an environmental safety statement from appropriate authority;
14. Copies of licenses (if any);
15. Certificate of marriage (divorce, death of spouse) of pledger;
16. Copies of director's and owners' passports;
17. Personal guarantee of owner/owners or persons related thereto (if necessary);
18. Information on corporate entity where the particular corporate entity has 10% or larger shareholding (if necessary).

Documents to be presented by sole entrepreneurs

 

1. Loan application to Bank's CEO (Branch Manager, Head of CSD), which includes loan amount, tenor, purpose, and collateral type;
2. Copy of State Register certificate;
3. Tax code (copy); TIN;
4. If necessary (mandatory for loans exceeding AMD 10 mln or foreign currency equivalent thereof), statement of settlements with State budget or statement on liabilities to State budget from the tax authority of relevant location;
5. Statement of accounts receivable and payable (with breakdown if necessary);
6. Documents supporting the ownership right to the property offered as loan security: ownership certificates, customs declarations, invoices, and other documents necessary for pledging;
7. Copies of licenses (if any);
8. Passport copy;
9. Certificate of marriage (divorce, death of spouse);
10. Other documents (if necessary).

Attention! In case of failure to repay the interest and the principal on time, the mortgaged property may be confiscated, and the information about the Borrower and/or the Guarantor/s will be recorded in the loan register.
Loan amount
Interest rate calculation procedure
Loan agreement termination
Pledge subject for the Bank
Overdue loan and overdue interest
Documents required for loan grant
Negative conclusion grounds on loan case are
Security
Pledged estate sales rules
Last modified on Monday, 12 December 2016 10:47