Mortgage loan for apartment renovation
Apartment renovation
24-96 month
with maturity perioduntil 30,000,000
in AMD
Borrower
A citizen and resident of the Republic of Armenia aged 20 - 55.
Guarantor
A citizen and resident of the Republic of Armenia aged 20 or older, but not exceeding 55 years old.
Purpose of the loan
Residential property renovation
Currency
Armenian Dram (AMD).
Minimum loan amount
1,000,000
Maximum loan amount
30,000,000
Loan term
24 - 96 months
Annual nominal interest rate
13 - 17 %
Annual effective interest rate
14.6 - 29.6 %
Loan to Equity Ratio
Up to 60 % of the estimated market value of the residential property being renovated
Loan disbursement method
Phased (after the first phase, loans are provided in subsequent phases only if there is a positive conclusion from the monitoring of the intended use of the loan provided in the previous phase)
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 amount2. Regressive - repayments of the loan principal amount are equal, and interest amounts are 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 %In addition, the annual interest rate continues to be calculated on the overdue loan amount until the overdue loan amount is repaidThe 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 lawThe 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
Cost of collateral appraisal
15,000 - 25,000 AMD
Single certificate and notary certification fee
25,000 AMD
State registration fee for pledge rights
26,400 AMD
Attention
Dear customer, we inform you that this type of loan has a high actual interest rate, so please consider in advance other similar services available on the market and evaluate your ability to repay the loan.