Mortgage loan for building a residential house in border settlements of RA
Evocabank is always by your side. We offer mortgage loans with special conditions to the residents of the border communities of the RA.
![Mortgage loan for building a residential house in border settlements of RA](/images-cache/loans/1/16696265771983/560x400.png)
1. |
Eligibility |
RA residents and non-residents aged 18– 63 who during the loan period will not turn 63 or the loan will be shared by a co-borrower who meets these requirements. |
2. |
Border settlement |
A rural settlement included in the "List of Settlements of Border Communities Receiving Social Assistance" approved by Annex 1 of decision # 1444-N of the RA Government of December 18, 2014. |
3. |
Program beneficiaries |
RA residents specified in Government decision #842-L of June 9, 2022 |
4. |
Loan purpose |
Construction/completion of construction of single-family homes in rural settlements of border regions |
5. |
Loan currency |
AMD |
6. |
Loan amount |
AMD 2,000,000.00 – AMD 16 ,000,000.00 |
7. |
Loan repayment period |
120 months |
8. |
Nominal interest rate per annum |
13% |
9. |
Minimum and maximum support amount |
The support amount for construction (completion of construction) of single-family homes – for monthly repayment of mortgage loan principal amount – up to AMD 16 million in total, for interest payment – up to 13%. |
10. |
Penalty for early loan repayment |
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 land lot under development/the property under construction |
13. |
Insurance |
Not applicable |
14. |
Loan disbursement method |
Non-cash, in several tranches, according to the terms of the state support program |
15. |
Bank fees and charges |
Not applicable |
16. |
Creditworthiness assessment |
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If the loan amount exceeds the maximum amount of state support, creditworthiness assessment will be implemented pursuant to the Bank procedure, and the income/cost ratio (OTI) may equal 100% at most. |
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17. |
Timeline for making decision on loan application approval or rejection |
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18. |
Other provisions |
The cases falling outside these terms, will be regulated based on the provisions and terms as specified by Government decision #842-L of June 9,2022. |
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