Home renovation mortgage loans from families displaced from Artsakh
Evocabank provides a mortgage loan for the renovation of an apartment or residential house.
![Home renovation mortgage loans from families displaced from Artsakh](/images-cache/loans/1/17133596531382/560x400.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. |
Program beneficiaries |
Persons defined by Article 4 of Government decision # 169-L dated February 17, 2022 |
3. |
Loan purpose |
Renovation of the apartment/single-family home purchased under the Program and pledged to EVOCABANK |
4. |
Loan currency |
AMD |
5. |
Loan amount |
AMD 100,000.00 – AMD 5,000,000.00, but not more than the amount of difference between the certificate amount and contractual mortgage loan amount. |
6. |
Loan repayment period |
60 months |
7. |
Nominal interest rate per annum |
13% |
8. |
Penalty for early loan repayment |
Not applicable |
9. |
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. |
10. |
Loan security |
Not required |
11. |
Insurance |
Not required |
12. |
Loan disbursement method |
Non-cash: in a lump-sum or in several tranches, based on the Bank’s decision |
13. |
Fees and charges |
Not applicable |
14. |
Creditworthiness assessment |
As of the date of the loan application, the borrower should not have substandard loans. Creditworthiness assessment is not required. |
15. |
Timeline for making decision on loan application approval or rejection |
|
16. |
Other provisions |
The cases falling outside these terms, will be regulated based on the provisions and terms as specified by Government decision 169-L dated February 17, 2022. |
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