Currency

Amount

Period

Maximum`
USD 50 000
EUR 30 000  

Documents necessary for receiving loans             

♦ Loan application
♦ Original and copy of the Passport
♦ Notice from dwelling place form number 3.
♦ Original and copy of work record card
♦ Reference from place of work in accordance with relevant appendix / issue date of the reference on salary must not exceed 15 calendar days/ The customer can also be required to present the copy of his/her available annual individual statement presented by the employer to the RA Social Insurance Fund.
 - In case of conducting other not entrepreneurship activity /for example investments, giving property for rent, investments in deposits and etc./ reference on income received from those activities.
- In case of customers conducting entrepreneurship activity, reference on income received from the activity. /annex 15-1/,
♦ Property Right Certificate of creditor and/or co-creditor
♦ Original of the Ownership Certificate of the property to be pledged and the basis of purchase - the previous Sale&Purchase Contract or other substantiating document
♦ Marriage certificate, if applicable
♦ Other necessary documents

Pledge                                                                        

♦ dwelling house being repaired

Estate insurance                                                        

♦ The pledged property must be insured in one of the insurance companies-partners of the Bank at the market price during the whole period of credit agreement. If the market value of the property doesn't exceed AMD 45 million, then the Bank will make the insurance in the insurance company, which the customer will indicate in the Form of selecting an insurance company. In other cases the borrower must make insurance himself/herself in one of insurance companies, cooperating with the Bank.
♦ In case of not  implementing the insurance conditions in the  by pledge contract the Bank may demand early loan repayment.

Penalty for default on payments                               

♦ Creditor pays penalty to the Bank of:
- 0.1% of outstanding loan for each overdue day and
- 0.3% of outstanding interest on the loan for each overdue day
♦ There are no fines and penalties defined in case of early redemption of the loan.

Monthly loan repayment                                                

♦ Annuity /equal monthly repayment which includes loan amount and accumulated variable interest/,
♦ Spring /variable monthly repayment in which  the loan amount is included equally and the accumulated variable interest/.
The loan is provided with 6 months grace period during which the customer can receive the entire loan or a part of it. During the grace period the customer makes only payments of interests accounted over the balance of the received loan. After the grace period the customer makes monthly repayments of both the principle amount and interests of the loan.

Loan account service charge                                         

Will be debited monthly  from the client's account according to the schedule.

Quotation                                                                       

For each client:
♦ Maximum size of principle amount and accumulated interests related to one loan must not exceed 40% of monthly net income of other members conducting common economy.
♦ At the moment of loan issuance maximum monthly repayment of principle amounts and accumulated interests  related to all loans must not exceed 50% of net monthly income of other members conducting common economy,
♦ At the time of loan application and duration the creditor's age should not exceed 70

Other necessary conditions                                          

♦ Loan is granted after concluding the notarized estate pledging contract, legal registration in the relevant state body and insuring the pledged estate to the benefit of the Bank.
♦ Payments dealing with the estate appraisal, pledging and notary fees are for the client's account.
♦ In case of delay of the redemption of the loan by the creditor the Bank is in power to lien pledged estate.
♦ If the loan amount exceeds AMD 2 million or equivalent foreign currency the purpose of the loan should be subject to monitoring after six months from loan issuance date.