Renovation Loan

Loan purpose
Residential real estate renovation or construction
Maximum contract amount of loan
In case of residential real estate renovation, in the size of the renovated or pledged residential real estate appraised value 70% amount.
In case of residential real estate construction, in the size of other pledged real estate appraised value maximum 70% amount.
Loan currency
AMD
USD
Annual interest rate
up to 50%(included) of loan to pledge value ratio-13%
in case of 50%-70% of loan to pledge value ratio-14%
Loan term
144 up to 240 months for AMD
144 months for USD
Redemption frequency
Monthly
Loan to pledge value ratio
Maximum 70%
Grant way
In stages.
By cash or cashless.
In case of loans provided for the purpose of residential real estate renovation for each stage amount usage max. 40 calendar days are determined. In case of loans provided for the purpose of residential real estate construction for each stage amount usage max. a 5 month period is determined.
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. In case of loans at USD currency the account service fee is calculated in AMD at the average exchange rate of the Central Bank on the issuing day
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.
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.
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! 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, 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).

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 renovation or construction
Maximum contract amount of loan
In case of residential real estate renovation, in the size of the renovated or pledged residential real estate appraised value 70% amount.
In case of residential real estate construction, in the size of other pledged real estate appraised value maximum 70% amount.
Loan currency
AMD
USD
Annual interest rate
up to 50%(included) of loan to pledge value ratio-13%
in case of 50%-70% of loan to pledge value ratio-14%
Loan term
144 up to 240 months for AMD
144 months for USD
Redemption frequency
Monthly
Loan to pledge value ratio
Maximum 70%
Grant way
In stages.
By cash or cashless.
In case of loans provided for the purpose of residential real estate renovation for each stage amount usage max. 40 calendar days are determined. In case of loans provided for the purpose of residential real estate construction for each stage amount usage max. a 5 month period is determined.
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. In case of loans at USD currency the account service fee is calculated in AMD at the average exchange rate of the Central Bank on the issuing day
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.
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.
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! 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, 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).

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 10:16