Affordable housing for a serviceman
Get your new apartment with the most convenient conditions. The mortgage loan is provided within the framework of the state-targeted program.
![Affordable housing for a serviceman](/images-cache/loans/1/17129179540427/560x400.png)
1. |
Loan purpose |
Acquisition of residential real property/right to buy real property in RA territory directly from the property developer. |
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2. |
Eligibility |
The beneficiary aged 18-63 qualifying for the program who during the loan period will not turn 63 or the loan will be shared by а co-borrower - member of the same family who meets this requirement. |
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3. |
Loan currency |
AMD |
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4. |
Loan amount |
AMD 2,000,000 - AMD 25,650,000 but not more than 90% of the real property value. |
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5. |
Loan repayment period |
120 - 180 months |
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6. |
Nominal interest rate per annum |
Nominal |
Actual |
11% |
7.52% |
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7. |
Interest rate subsidized by government |
5% |
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8. |
Down payment financed by the government |
AMD 2,500,000 |
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9. |
Loan repayment method |
Monthly annuity payments |
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10. |
Loan security |
The residential real property to be purchased. For an apartment or single-family home under construction, the loan should be secured by the entire loan amount transferred to the developer’s special account and the right to purchase the real property until registration of title to the real property; thereafter the loan will be secured by the real property. |
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11. |
Loan-to-value ratio |
The calculation of the Loan-to-value ratio will be based on either the acquisition value or appraisal value of the real property, whichever is less. No limitations are set for acquisition value and appraisal value of the real property. |
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12. |
Mandatory insurance |
Insurance of pledged real property (at the amount of loan balance) and borrower’s and co-borrowers’ life insurance (at the amount of loan balance). |
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13. |
Loan disbursement method |
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14. |
Penalty for early loan repayment |
Not applicable |
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15. |
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. |
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16. |
Other provisions |
The cases falling outside these terms, will be regulated based on the provisions and terms as specified in STATE PROGRAM ON ASSITANCE FOR ACQUISITION OF APARTMENT OR SIGNGLE-FAMILY HOME OR CONSTRUCTION OF SIGNLE-FAMILY HOME BY CONTRACTUAL MILITARY OFFICERS AND NON-COMMISSIONED OFFICERS. |
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17. |
Timeline for making decision on loan application approval or rejection |
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