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.

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Mortgage loan to servicemen by NMC program

Loan purpose	Acquisition of real property in secondary market or construction of single-family home
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
Loan currency	AMD
Loan amount	AMD 2,000,000 – AMD 25,650,000
Loan repayment period	120 - 240 months
Nominal interest rate per annum	Nominal	Actual
	13%	9.74%
Interest rate subsidized by the government	5%
Down payment financed by the government	AMD 2,500,000
Loan repayment method	Monthly annuity payments
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.
Maximum acquisition cost and appraised value of real property	AMD 55,000,000/only for acquisition of real property
Loan-to-value ratio	70% of the value of the real property^[1] Not more than 90% of the real property value, if another real property item is pledged as well; in this case, the loan amount cannot exceed 70% of total value of the pledged assets. In case of acquisition, the loan amount may be 90% of the collateral value at most, if mortgage insurance covers the amount exceeding 70% of Loan-to-value ratio.
Insurance	Insurance of pledged property Borrower’s and co-borrower(s)’ (if any) life insurance. Down payment protection insurance.
Loan disbursement method	Non-cash, for acquisition – in a lump-sum, for construction – in a lump-sum or several tranches
Penalty for early loan repayment	Not applicable
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.
Other provisions	For construction loans, the loan amount may be up to 80% of the estimated construction cost, in several tranches or in a lump-sum, in this case the loan amount will be issued and frozen in the bank account; while in case of a tranche loan, the last portion cannot exceed 20% of the loan amount. The frozen amount will be disbursed in several (at least three) portions in line with the terms and conditions of loan re-financing under the program, each tranche cannot exceed 40% of the loan amount, while the timing for construction completion is two years at most (irrespective of a longer permission period for the construction). 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.
Timeline for making decision on loan application approval or rejection	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, The loan will be provided within 2 (two) business days after the approval of the loan application and completion of property pledging procedure.