Mortgage loan to displaced families from Artsakh regions

Evocabank is always by your side. We offer mortgage loans on special terms to families displaced by the war unleashed by Azerbaijan on September 27, 2020.

Mortgage loan to displaced families from Artsakh regions
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1.

Loan purpose

Using Bank’s own resources

Using resources of National Mortgage Program

Using resources of Housing for Young Families Program

Construction or acquisition (in primary and secondary markets) of residential property (apartment, single-family home) in Armenia.

Acquisition (in primary and secondary markets) of residential property (apartment, single-family home) in Armenia.

2.

Eligibility

Using Bank’s own resources

Using resources of National Mortgage Program

Using resources of Housing for Young Families Program

The individual specified in the certificate or a member of their family. The borrower’s high threshold age will be no hindrance if the loan is shared by a co-borrower  who will not turn 63 during the loan service period.

3.

Program beneficiaries

Persons defined by Article 4 of Government decision # 169-L dated February 17, 2022

4.

Loan currency

AMD

5.

Loan amount

Bank’s own resources

National Mortgage Program resources

Housing for Young Families Program resources

AMD 2,000,000.00-AMD 30,000,000.00

  • AMD 2 mln – AMD 35 mln for standard acquisition or construction loans
  • AMD 2 mln – AMD 45 mln for acquisition of energy-efficient apartment or single-family home or construction of energy-efficient single-family home

AMD 2,000,000.00 –
AMD 22,500,000.00

6.

Loan repayment period

120 months

7.

Down payment

The minimum down payment represents

the following percentage of either the appraised or acquisition values of the real property (purchased both in the primary and secondary markets), whichever is lower:

  • 2.5 % in provinces
  • 10 % in Yerevan
  • 1 %, if the assistance is provided for purchasing residential property with a mortgage in a settlement included in the list of the Republic of Armenia rural border areas getting social assistance as approved by Annex #1 to decision of the Republic of Armenia Government #1444-N dated December 18, 2014 or if the beneficiary has 4 minor children or if all the members of the family included in the certificate are older than 65.

8.

Nominal interest rate per annum

Bank’s own resources

National Mortgage Program resources

Housing for Young Families Program resources

 13%

10 - 13 %

10 %

9.

Assistance limits

1. For acquisition or construction of residential property in Yerevan – up to AMD 8 mln, while for interest payment – up to 8%,

2. For acquisition or construction of residential property in provinces of the Republic of Armenia – up to AMD 10 mln, while for payment of interest – up to 10% under NMC and HYF programs, up to 13% - if using the Bank’s resources.

3. For acquisition or construction (completion of construction) of residential property in a settlement included in the list of the Republic of Armenia rural border areas: for monthly repayment  of mortgage loan principal – up to AMD 12 mln in total, while for interest payment – up to 12% under NMC and HYF programs, and up to 13% if the borrower uses the Bank’s resources.

4. For acquisition of residential property with a mortgage in border areas - up to AMD 14 mln, while for payment of interest -  up to 13%,

5. For construction of single-family home in border areas – up to AMD 16 mln, while for payment of interest – up to 13%.

10.

Penalty for loan prepayment

Not applicable

11.

Penalty charged for late payment of loan principal and/or interest

For past due principal - 0,015 % per day,

For past due interest - 0,1 % per day. 

12.

Loan security

The real property to be purchased, the right of first offer. For construction loans, the land lot on which the real property is being built/the real property under construction.

13. 

Insurance

Bank’s own resources

National Mortgage Program resources

Housing for Young Families Program resources

Not required

1. Insurance of pledged property

2. Life insurance of borrower and co-borrowers.

3. The loan balance calculation does not include the amount of government’s financial assistance.

1. Insurance of pledged property

2. Life insurance of borrower and co-borrowers.

3. The loan balance calculation does not include the amount of government’s financial assistance.

14. 

Method of loan disbursement

Non-cash, in a lump-sum or in several tranches.

15. 

Bank’s fees and charges

Not applicable  

16.

Creditworthiness assessment

1. The borrower, co-borrowers, pledgers should not have current substandard loans as of the date of submission of loan application,

2. If the loan amount does not exceed the limits of government’s assistance as specified in the program, creditworthiness assessment is not required (in case of absence of any other credit liabilities).

Bank’s own resources

National Mortgage Program resources

Housing for Young Families Program resources

If the loan amount exceeds the limits of government’s assistance as specified in the program, creditworthiness assessment will be conducted in compliance with the Bank’s procedure, besides, the OTI ratio representing the ratio of all obligations to incomes may equal 100% at most.

In compliance with the Program’s procedure for mortgage loan refinancing. Besides, the  monthly payments may be calculated as the difference between the contractual loan  amount and financial assistance from the government.

In compliance with the Program’s procedure for mortgage loan refinancing. Besides, the monthly payments may be calculated as the difference between the contractual loan  amount and financial assistance from the government.

17.

Timeline for making decision on  loan application approval or rejection

1. The decision on approving or declining the loan application will be made within 10 (Ten) business days upon submission of the entire package of required preliminary documents.

2. The loan will be made available to the borrower within 2 (two) business days upon approval of the loan application and completion of the pledging process.

18.

Other provisions

The cases falling outside these terms, will be regulated based on the provisions and terms of Government decision 169-L dated February 17, 2022.

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