With Real Estate Collateral

Loan purpose
Personal
Loan currency
AMD
Annual interest rate
20% -The documentation for income source is required
22% -The documentation for income source is not required
1% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 2 years
2% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 3 years
3% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 4 years
Loan term
Maximum 36 months
Redemption frequency
Monthly
Security
Real estate when the documentation for income source is required
2 persons' guaranty when the documentation for income source is not required
Loan to pledge value ratio
Maximum 60% of liquidation value of the real estate collateral when the documentation for income source is required
Maximum 30% of liquidation value of the real estate collateral when the documentation for income source is not required
Grant way
By cash.
Cashless.
Commission fee
Flat fee AMD 5000 for the application study which is not refundable
Flat fee.
2% of loan amount when the documentation for income source is required.
3% of loan amount when the documentation for income source is 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)
Real estate appraisal
Upon the tariff set by any assessment organization having a license designated by RA legislation.
Attention! In case when the documentation for income source is not required the applicant and the guarantors must have a positive loan history for the previous 720 days of preceding the date of acceptance of the application and delays sum for each person should not exceed 15 calendar days.
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).
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Insufficient security of the loan.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment.
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 no fines and penalties are charged.
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 also of the family members (2 copies).
2. 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.
3. Statement from the residence.
4. Marriage certificate copy (if any).
5. Statement from the workplace about the income, given maximum 20 working days prior.
6. Copy of property certificate (of the pledged apartment, 3 copies).
7. Statement that the present apartment is not under barrage (the original and 1 copy), to be presented after loan confirmation.

Attention! As an addition loan security means, the Bank may also require the guaranty of one or more persons.
Attention! During the Loan Agreement validity period no nominal interest rate change is foreseen by the Bank.

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.
Attention! Changes in currency exchange rates may have an impact on loan repayments.
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
Personal
Loan currency
AMD
Annual interest rate
20% -The documentation for income source is required
22% -The documentation for income source is not required
1% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 2 years
2% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 3 years
3% lower if the borrower receives his salary with ARMECONOMBANK's plastic cards in the recent 4 years
Loan term
Maximum 36 months
Redemption frequency
Monthly
Security
Real estate when the documentation for income source is required
2 persons' guaranty when the documentation for income source is not required
Loan to pledge value ratio
Maximum 60% of liquidation value of the real estate collateral when the documentation for income source is required
Maximum 30% of liquidation value of the real estate collateral when the documentation for income source is not required
Grant way
By cash.
Cashless.
Commission fee
Flat fee AMD 5000 for the application study which is not refundable
Flat fee.
2% of loan amount when the documentation for income source is required.
3% of loan amount when the documentation for income source is 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)
Real estate appraisal
Upon the tariff set by any assessment organization having a license designated by RA legislation.
Attention! In case when the documentation for income source is not required the applicant and the guarantors must have a positive loan history for the previous 720 days of preceding the date of acceptance of the application and delays sum for each person should not exceed 15 calendar days.
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).
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Insufficient security of the loan.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment.
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 no fines and penalties are charged.
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 also of the family members (2 copies).
2. 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.
3. Statement from the residence.
4. Marriage certificate copy (if any).
5. Statement from the workplace about the income, given maximum 20 working days prior.
6. Copy of property certificate (of the pledged apartment, 3 copies).
7. Statement that the present apartment is not under barrage (the original and 1 copy), to be presented after loan confirmation.

Attention! As an addition loan security means, the Bank may also require the guaranty of one or more persons.
Attention! During the Loan Agreement validity period no nominal interest rate change is foreseen by the Bank.

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.
Attention! Changes in currency exchange rates may have an impact on loan repayments.
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, 15 August 2016 16:25