Currency

Prepayment

Amount

Period

Interest rate /flexible/

USD

There are no minimum and maximum limits for the loan.

Maximum period:

180 months - for loan with floating interest rate

120 months - for loan with fixed interest rate.

Final interest rate of the loan is determined due to the following scale: 
- With floating interest, the rate is calculated at the base interest rate of "Converse Bank" CJSC, plus 5.5%.

- With fixed interest the rate is 14% annually interest for the first 5 years after which it is calculated at the base rate of "Converse Bank" CJSC, plus 6%.

Documents necessary for receiving loans          

♦ Loan application
♦ Original and copy of the Passport
♦ Form 3 notice from the dwelling place
♦ Original and copy of the 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 or co-creditor
♦ Property Right Certificate of the purchased estate and  previous purchase contract and/or other documents
♦ Marriage certificate, if appropriate
♦ Other necessary documents

Pledge                                                                        

♦ Land or other real estate 

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 overdue loan repayments                  

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

Monthly loan repayment                                         

The loan is provided in up to 5 stages (trenches) and after the loan agreement enters into force with 1 year grace period, during which the customer repays only the calculated interests according to the loan balance.
♦ Annuity /equal monthly repayment/ which includes the basic amount and the accumulated variable interest
♦ Spring /variable monthly repayment/ in which the basic amount is calculated equally and the variable accumulated interest.

Loan service charge                                                 

Monthly service fee will be charged from the account of the customer due to the scale: /Annex 7/.

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  the loan  application and throughout the loan period the creditor's age  should not exceed 70.

Other obliged conditions                                        

♦ Loan is granted after concluding, notarizing and registering the estate in the legal state body, as well as after insuring the pledged estate to the benefit of the Bank.
♦ In 12 months after receiving the loan, the customer should present to the Bank the Assessment Statement of the building, provided by the Assessment Companies, cooperating with the Bank.
♦ Costs dealing with the estate's appraisal, pledging and notarizing validating are for the client's account.
♦ The purpose of the loan is subject to monitoring after six months from the date of loan issuance with at least 2 months recurrence till the final end of the works.