Currency

Amount

Period

Interest rate /flexible/

USD

There is no maximum limit for the loan. 

Loan  may not exceed collateral  estate value according to the schedule.

Maximum period:

180 months - for loan with floating interest rate

120 months - for loan with fixed interest rate.

Loan final interest rate is decided after the risk appraisal of the creditor and the credit under the following schedule:

- With floating interest, the rate is calculated at the base interest rate of "Converse Bank" CJSC, plus 7%.

- 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 8%.

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
♦ 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                                         

Loan is submitted in 5 tranches with, up to one years grace period during which client repays only the interest due:
♦ 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                                                 

It will be monthly deducted from the client's account according to the schedule.

Quotation                                                                 

For each client:
♦ Maximum amount of the  basic loan and accumulated interest monthly repayment should not exceed 40% of the net income of the co-creditors.
♦ Maximum amount of the basic loan and accumulated interest monthly repayment for all loans existing at the moment of financing on credit including the new credit which is being financed, should not exceed 50% of the net income of the co-creditors.
♦ 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.
♦ In case of delay of the repayment of the loan by the creditor the Bank is empowered to lien the pledged estate.