Mortgage Loan

Loan purpose
Residential real estate acquisition
Loan amount
Maximum 60% of the acquired real estate liquidation value if the documentation for income source is required
Maximum 60% of the acquired real estate liquidation value but not more than AMD 5.000.000 if the documentation for income source is not required
Loan currency
AMD
Annual interest rate
20% he documentation for income source is required 1) 1% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 2 years 2) 2% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 3 years 3) 3% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 4 years
22%
Loan term
60 months
Redemption frequency
Monthly
Security
Acquired real estate if the documentation for income source is required
2 persons quarantee if the documentation for income source is not required
Grant way
By cash,
Cashless.
Commission fee
AMD 5000 for the study of the loan application which is non-refundable
Commission 1% in case if the documentation for income source is required
Commission 2% in case if the documentation for income source is not required
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
Resident individual over 18 years
Registered and living in the Republic of Armenia
Has a constant income source acceptable by the Bank
The borrower is obligated to credit minimum 10% of the acquired real estate appraised value to the account
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
Upon the tariff set by any assessment organization having a license designated by RA legislation.
Acquired real estate
Residential real estate in the RA region (apartment, residential house)
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment.
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 redeemed annual loan amount.
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.
4. Statement from the workplace (if necessary, information about the paid net salary, income, size of social payments during the last 12 months, and copies of work books).
5. 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.
6. Copy of property certificate (of the acquired apartment, 3 copies) if necessary, copy of the document serving as a basis for certificate provision.
7. Statement that the present apartment is not under barrage (the original and 1 copy), to be presented after loan confirmation.
8. Passport copy of the vendor (proprietors), 2 copies.
9. Statement from the residence on sale about the registered persons (3rd form) and 1 copy.
10. Utilities coupons (if necessary).
11. Copy of Diploma (if any).

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 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
Residential real estate acquisition
Loan amount
Maximum 60% of the acquired real estate liquidation value if the documentation for income source is required
Maximum 60% of the acquired real estate liquidation value but not more than AMD 5.000.000 if the documentation for income source is not required
Loan currency
AMD
Annual interest rate
20% he documentation for income source is required 1) 1% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 2 years 2) 2% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 3 years 3) 3% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 4 years
22%
Loan term
60 months
Redemption frequency
Monthly
Security
Acquired real estate if the documentation for income source is required
2 persons quarantee if the documentation for income source is not required
Grant way
By cash,
Cashless.
Commission fee
AMD 5000 for the study of the loan application which is non-refundable
Commission 1% in case if the documentation for income source is required
Commission 2% in case if the documentation for income source is not required
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
Resident individual over 18 years
Registered and living in the Republic of Armenia
Has a constant income source acceptable by the Bank
The borrower is obligated to credit minimum 10% of the acquired real estate appraised value to the account
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
Upon the tariff set by any assessment organization having a license designated by RA legislation.
Acquired real estate
Residential real estate in the RA region (apartment, residential house)
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment.
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 redeemed annual loan amount.
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.
4. Statement from the workplace (if necessary, information about the paid net salary, income, size of social payments during the last 12 months, and copies of work books).
5. 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.
6. Copy of property certificate (of the acquired apartment, 3 copies) if necessary, copy of the document serving as a basis for certificate provision.
7. Statement that the present apartment is not under barrage (the original and 1 copy), to be presented after loan confirmation.
8. Passport copy of the vendor (proprietors), 2 copies.
9. Statement from the residence on sale about the registered persons (3rd form) and 1 copy.
10. Utilities coupons (if necessary).
11. Copy of Diploma (if any).

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 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 Thursday, 24 November 2016 13:45