Housing for Young People

Loan purpose
Residential Real Estate Acquisition
Loan amount
Maximum 90% of the liquidation value
Loan currency
AMD
Annual interest rate
in case of up to 50% loan to pledge value ratio- 8.5%
in case of 50%-90% loan to pledge value ratio- 9.0%
Subsidized interest rate
In case of acquiring real estate in Yerevan city2%
In case of acquiring real estate in RA regions4%
Loan term
from 144 up to 240 months
Redemption frequency
Monthly
Security
Acquired Real Estate
Loan to pledge value ratio
Maximum 70% of the liquidation value of the acquired real estate
maximum 90% of the liquidation value of the acquired real estate in case of another real estate collateral but the loan amount cannot exceed 70% of the liquidation value of the real estate collaterals
Grant way
By cash,
Cashless.
Commission fee
AMD 5000 for the study of the loan application which is non-refundable,
Account service fee per month- 0.05% of loan amount but not more than AMD 10.000 per month .
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Decision Period
Up to 10 working days (In case of mortgage the loan is provided within 2 business days following the receipt of collateral registration right)
Attention! The interest accrues on the loan balance.
Borrower requirements
The overall mutually added age of both of the spouses should not exceed 60.
The age of one of the spouses should not exceed 35.
Only parent whose age does not exceed 30.
The net income of the borrower bust be less than AMD 500.000 per monthe
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Guarantee
Real estate security is realized by the insurance company licensed by RA CB, according to the tariff determined by the latter.Is maid by the customer minimum in the amount of the real estate assessed value
Insurance for accidents of the Borrower and Co-borrowers (one or more family members) in the insurance company licensed by RA CB, according to the tariff determined by the latter.Is maid by the customer minimum in the amount of the loan
Real estate appraisal
Assessment is realized by any assessment organization licensed by RA legislation, according to the tariff determined by the latter.
Acquired real estate
The value of the acquired residential real estate (apartment, residence house) in RA region should not exceed 16 mln. AMD and, at the same time, the assessed value should not exceed 16.5 mln. AMD.
Negative decision grounds
Negative assessment of the customer’s financial state.
Non-credibility of the presented documents.
Inadequacy of the “Affordable Apartment for the Young Family” state purpose project criteria.
Customer’s negative loan history.
Other reasons that will hamper the loan repayments according to the Bank assessment.
Penalties
Early repayment 0.5% of the early repaid annual loan amount.
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! Early loan repayment is allowed for which a penalty is charged in 0.5% of the early repaid annual loan amount.
Attention! A Co-borrower can be one or more member of the Borrower’s family.
Attention! In case of not redeeming the interests and loan amount in time, the pledged estate can be confiscated, and the information about the Borrower and/or the Guarantor(s) will be recorded in the loan register.
Documents presented by individuals

1. Passport copies, as well as those of the family members (2 copies).
2. Marriage certificate copy.
3. Statement from the residence.
4. Statement from the workplace (if necessary, information about the amount of net wages paid during the last 12 months, income tax, social security payments and the copies of work books).
5. Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen RA residence card (if any), or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
6. Copy of property certificate (copy of the document serving as a basis of acquired apartment certificate, if necessary) (3 copies),
7. Statement claiming that the present apartment is not under barrage (the original and 1 copy) to be presented after the confirmation of the loan.
8. Passport copy of the vendor (proprietors) (2 copies).
9. Statement about the registered persons from the vendor's residence (3rd form).
10. Utilities coupons (if necessary).
11. Diploma copy (if necessary).
12. Statement from the cadastre information center about the applicant's real estate.

Interests are calculated on the loan balance. Loan interests are calculated based on the nominal interest rate. The actual interest rate shows how much the loan interests and other payments will cost in case of performance in defined terms and sizes.

Actual annual interest rate calculation procedure and sample.
Actual annual interest rate calculation formula.

Attention! In case of default under loan agreement and repayment of the loan on the account of the collateral, should the collateral value not suffice, repayment of liabilities on the account of other property of the borrower and/or the Guarantor(s) may be applied.
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
Residential Real Estate Acquisition
Loan amount
Maximum 90% of the liquidation value
Loan currency
AMD
Annual interest rate
in case of up to 50% loan to pledge value ratio- 8.5%
in case of 50%-90% loan to pledge value ratio- 9.0%
Subsidized interest rate
In case of acquiring real estate in Yerevan city2%
In case of acquiring real estate in RA regions4%
Loan term
from 144 up to 240 months
Redemption frequency
Monthly
Security
Acquired Real Estate
Loan to pledge value ratio
Maximum 70% of the liquidation value of the acquired real estate
maximum 90% of the liquidation value of the acquired real estate in case of another real estate collateral but the loan amount cannot exceed 70% of the liquidation value of the real estate collaterals
Grant way
By cash,
Cashless.
Commission fee
AMD 5000 for the study of the loan application which is non-refundable,
Account service fee per month- 0.05% of loan amount but not more than AMD 10.000 per month .
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Decision Period
Up to 10 working days (In case of mortgage the loan is provided within 2 business days following the receipt of collateral registration right)
Attention! The interest accrues on the loan balance.
Borrower requirements
The overall mutually added age of both of the spouses should not exceed 60.
The age of one of the spouses should not exceed 35.
Only parent whose age does not exceed 30.
The net income of the borrower bust be less than AMD 500.000 per monthe
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Guarantee
Real estate security is realized by the insurance company licensed by RA CB, according to the tariff determined by the latter.Is maid by the customer minimum in the amount of the real estate assessed value
Insurance for accidents of the Borrower and Co-borrowers (one or more family members) in the insurance company licensed by RA CB, according to the tariff determined by the latter.Is maid by the customer minimum in the amount of the loan
Real estate appraisal
Assessment is realized by any assessment organization licensed by RA legislation, according to the tariff determined by the latter.
Acquired real estate
The value of the acquired residential real estate (apartment, residence house) in RA region should not exceed 16 mln. AMD and, at the same time, the assessed value should not exceed 16.5 mln. AMD.
Negative decision grounds
Negative assessment of the customer’s financial state.
Non-credibility of the presented documents.
Inadequacy of the “Affordable Apartment for the Young Family” state purpose project criteria.
Customer’s negative loan history.
Other reasons that will hamper the loan repayments according to the Bank assessment.
Penalties
Early repayment 0.5% of the early repaid annual loan amount.
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! Early loan repayment is allowed for which a penalty is charged in 0.5% of the early repaid annual loan amount.
Attention! A Co-borrower can be one or more member of the Borrower’s family.
Attention! In case of not redeeming the interests and loan amount in time, the pledged estate can be confiscated, and the information about the Borrower and/or the Guarantor(s) will be recorded in the loan register.
Documents presented by individuals

1. Passport copies, as well as those of the family members (2 copies).
2. Marriage certificate copy.
3. Statement from the residence.
4. Statement from the workplace (if necessary, information about the amount of net wages paid during the last 12 months, income tax, social security payments and the copies of work books).
5. Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen RA residence card (if any), or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
6. Copy of property certificate (copy of the document serving as a basis of acquired apartment certificate, if necessary) (3 copies),
7. Statement claiming that the present apartment is not under barrage (the original and 1 copy) to be presented after the confirmation of the loan.
8. Passport copy of the vendor (proprietors) (2 copies).
9. Statement about the registered persons from the vendor's residence (3rd form).
10. Utilities coupons (if necessary).
11. Diploma copy (if necessary).
12. Statement from the cadastre information center about the applicant's real estate.

Interests are calculated on the loan balance. Loan interests are calculated based on the nominal interest rate. The actual interest rate shows how much the loan interests and other payments will cost in case of performance in defined terms and sizes.

Actual annual interest rate calculation procedure and sample.
Actual annual interest rate calculation formula.

Attention! In case of default under loan agreement and repayment of the loan on the account of the collateral, should the collateral value not suffice, repayment of liabilities on the account of other property of the borrower and/or the Guarantor(s) may be applied.
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 11:02