“Privileged for reconstruction”

 Credit for the repair or reconstruction of the housing property.

Purpose

Credit for for the repair or reconstruction of the housing property, second home and business property. 

Target group

Physical persons, RA residents, having a stable income

Maximum credit sum

A

150,000 USD

Credit currency

USD

In case of credits provision in foreign currency, foreign currency exchange  flow can make its influence in the credits repayments.

Maximum credit period (months)

A

84

Annual interest rate

A

17% - in case of primordial form under additional collateral

14% - after registration built property and collateral form.

Credit interest is computed on the basis of the nominal interest rate. The actual interest rate shows the cost of the credit in case of timely payment of interest and other fees.  Please see the annual actual interest rate calculation formula here. During the validity of the credit contract the Bank does not change the nominal interest rate if the borrower does not break terms of the contract.

Commission

1. Commissions for granting loans:

  - For the credits up to 30,000 USD  - 50,000 AMD

  - For the credits from 30,001 and to 60,000 USD  - 80,000 AMD

- For the credits from 60,001- 100,000 AMD

2. Cash-withdrawal commission (according to the tariffs for cashing at the time of withdrawal from the account)

Credit provision order

The credit is provided cashless.

Credit repayment order

On monthly basis,  the main debt in equal installments.                                            

The interests are computed on the reduced credit reminder.

Pre-term repayment

Is allowed without any penalties

Penalties

For delay in payment of principal credit sum

0,2% on the overdue amount for each day of delay until the day of redemption 

For not paying interests

0,2% on the overdue amount for each day of delay until the day of redemption 

Security

Collateral

Additional collateral in the regions A,B and C or building property.

Credit sum must not exceed:

• 70% - for region A,
• 60% - for region B,
• 50%  - for region C,

Estimated value of collateral

Third person guarantee

Is not obligatory

The appropriateness is determined by Branch managers, the administration of consumer credits or Credit Committee Bank.

Attention

In case of interests and credit amount repayments not in time, the pledged property can be confiscated and the information on the borrower will be registered in the Credit Register.  

In case of credit debts not fulfillment and debts repayment at the collateral 's expense, it is possible debts repayment at the expense of the other property of the borrower if the collateral is not enough to cover  borrower’s  credit debts. 

Collateral evaluation

Obligatory by the independent licensed appraiser company at the borrower’ expenses

Insurance

Property

Obligatory

Personal

Non obligatory

Requirements to the collateral

1.Apartment
The apartment should be highly liquid. (Completed newly-erected building or apartment from the secondary market in the liquid region).The credits are not issued in buildings with high wear.( Khruchovka,cassette buildings, old buildings and etc)

2.House
Own house should have a plot of land with separate convenient entrance. The house should not have common walls with neighbors. Minimum floor area - 100 sq.m.

Maximum period for the decision acceptance on the credit application.

Within 7 days, after all the necessary documents presentation.

Maximum period for notification to the client on the Bank decision.

Within 3 days

Maximum period for credit granting

Within 2 working days after collateral state registration.

Territorial limitation

Settlement

A

Yerevan  

B

Gumri, Vanadzor, Abovyan, Jrvej, Dzoraghbyur, Echmiadzin

C

Tsakhkadzor,Argavand, Parakyar, Kasakh, Aring, Stepanakert, Hrazdan, Sevan, Armavir, Martuni, Ashtarak,Kapan, Artashat,Ijevan, Dilijan, Stepanavan,Zovuni, Eghvard, Ptghni, Eghegnadzor, Jermuk, Artik, Gavar, Alaverdi