Mortgage loan for the purchase of residential real estate
Purchase of residential real estate
36-180 month
with maturity perioduntil 50,000,000
in AMD
Borrower
A citizen and resident of the Republic of Armenia aged 20-55.
Co-signer
A citizen and resident of the Republic of Armenia aged 20 or older, but not exceeding 55 years old.
Purpose of the loan
Purchase of residential real estate
Currency
Armenian Dram (AMD).
Minimum loan amount
5,000,000
Maximum loan amount
50,000,000
Loan term
36-180 months.
Annual nominal interest rate
12 - 16%
Annual effective interest rate
14.1 - 19.2%
Loan to Equity Ratio
1. Maximum 90% of the assessed market value of the property being acquired2. In case of additional real estate mortgage, up to 100%, but not more than 80% of the total assessed market value of the properties being mortgaged
Loan application review fee
0 - 5,000 AMD
Loan disbursement commission (at the time of disbursement)
0 - 2% of the loan principal amount
Loan and interest repayments
1. Annuity: equal monthly repayments of the loan principal and interest,2. Revolving: repayments of the loan principal are made in equal installments, and interest is made monthly.
Early repayment of the loan
No penalties apply
Insurance
Not required
Penalty
-In case of non-payment of the principal amount of the loan, in the amount of 0.1% for each day of delay-In case of non-payment of the interest amount of the loan, in the amount of 0.03%.Moreover, the annual interest rate continues to be calculated on the overdue loan amount until the overdue loan amount is repaid.The maximum annual amount of the penalty determined by the contract cannot exceed four times the bank interest calculation rate set by the Central Bank of the Republic of Armenia, unless otherwise provided by law. The total amount of all penalties determined by the contract cannot exceed the principal amount of the debt currently outstanding.
Collateral valuation
The collateral must be valued by an independent valuation organization cooperating with the Company and be acceptable to the Company
Place of application submission
At the organization's business addresses
Maximum decision-making period
After submitting the complete package of required documents3 working days if the amount provided does not exceed 20,000,000 AMD5 working days if the amount provided exceeds 20,000,000 AMD
Deadline for informing the client about the decision
1 business day
Validity period of the decision
15 business days
Credit security
Acquired property, additional real estate ** The decision to acquire real estate outside Yerevan is made by the UCO Board
Collateral Assessment Fee
15,000 - 25,000 AMD
Single certificate and notary certification fee
35,000 AMD
State registration fee for the purchase and sale agreement and the right of pledge
71,000 AMD