Mortgage loan to servicemen by NMC program
Evocabank offers a mortgage loan for the purpose of purchasing real estate from the secondary market or construction of a residential house.
![Mortgage loan to servicemen by NMC program](/images-cache/loans/1/17019477605757/560x400.jpg)
Loan purpose |
Acquisition of real property in secondary market or construction of single-family home |
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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 a co-borrower- member of the borrower’s family who meets this requirement |
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Loan currency |
AMD |
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Loan amount |
AMD 2,000,000 – AMD 25,650,000 |
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Loan repayment period |
120 - 240 months |
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Nominal interest rate per annum |
Nominal |
Actual |
13% |
9.74% |
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Interest rate subsidized by the government |
5% |
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Down payment financed by the government |
AMD 2,500,000 |
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Loan repayment method |
Monthly annuity payments |
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Loan security |
The real property to be purchased. In case of construction, the land plot under development/unfinished building, if appropriate, additional residential real property. |
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Maximum acquisition cost and appraised value of real property |
AMD 55,000,000/only for acquisition of real property |
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Loan-to-value ratio |
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Insurance |
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Loan disbursement method |
Non-cash, for acquisition – in a lump-sum, for construction – in a lump-sum or several tranches |
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Penalty for early loan repayment |
Not applicable |
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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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Other provisions |
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Timeline for making decision on loan application approval or rejection |
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[1] In calculating the loan-to-value ratio, we take into consideration the real property appraisal or acquisition value, whichever is less.
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