Mortgage Loan with 7.5% Down Payment, no Property Pledging

Evocabank has improved the mortgage lending terms and conditions. Under the Affordable Housing for Young Families program, mortgage loans are available for 7.5% down payment, without pledging any additional real property.
According to the program terms, the combined age of the spouses cannot exceed 70, while one of them may be older than 35.
Under the scheme, the annual nominal interest rate is 6.8%, of which:

• 2% is subsidized in Yerevan, so the total interest rate makes 4.8%,
• 4% is subsidized in provinces, so the payable interest rate is 2.8%.

Maximum repayment period is 15 years.

Sergey Gasparyan, the head of Retail Operations department of Evocabank, is convinced that «The improvement of lending terms will have a positive public impact through involving numerous couples in the program and giving them an opportunity to get affordable apartments. The mortgage loans extended from the Bank's own resources provide for 0% down payment if the borrowers offer additional real property as collateral».

Under the program, the actual interest rate before subsidy is 7.2% compared to 6.8% nominal intereest rate.