Individual loans provided to individuals by products / Terms and Tariffs /
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- EvocaHOME
- Individual INVESTMENT Loan
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- Evolution
- Parking space purchase loan
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- Land Acquisition Loans
Parking space purchase loan
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1. |
Loan purpose |
Loans are designed for purchasing of parking lots (including the right to purchase) from property developers – Bank partners. |
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2. |
Eligibility |
RA residents and non-residents aged 18 – 65 who during the loan period will not turn 65 or the loan will be shared by a co-borrower who meets these requirements. |
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3. |
Loan currency |
AMD |
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4. |
Loan amount |
2 000 000 – 8 000 000 |
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5. |
Loan repayment period |
36 - 60 months |
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6. |
Annual interest rate |
Nominal |
Actual |
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16% |
17.25% |
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7. |
Loan repayment schedule |
Annuity scheme (principal and interest payments will be made on a monthly basis in equal amounts) |
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8. |
Penalty for early loan repayment |
Not applicable |
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9. |
Penalty for late payment of loan principal and interest |
For past due principal - 0,015 % per day, For past due interest - 0,1 % per day. |
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10. |
Loan disbursement method |
Non-cash |
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11. |
A lump-sum fee for loan disbursement or monthly loan service fee |
Not applicable |
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12. |
Loan security |
If the applicant has got a mortgage with the Bank, the competent body of the Bank may request a surety bond to be issued by at least one individual. |
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If the applicant has no mortgage with the Bank, the loan must be backed by at least one surety bond. |
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13. |
Timeline for making decision on loan application approval or rejection |
The decision on approving or declining the loan application will be made within 3 (Three) business days upon submission of the entire package of required preliminary documents. The loan will be disbursed within 2 (Two) business days upon approval of the loan application and conclusion of loan and surety agreements/contracts. A decision on the loan will be made within the loan limits as set by the Bank. |
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14. |
Other terms and conditions |
The terms and conditions of the contract to be signed between the Bank and the Property developer will be approved by the first deputy chairman of the Management Board upon the recommendation of the Consumer Lending Department. The loan amount will be transferred to the Developer's special or settlement account as soon as the Parking Lot Purchase and Sale (including right to purchase) Agreement between the Property developer and the buyer is submitted to the Bank. |
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