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Mortgage and consumer loans provided within the framework of the housing program for public servants(Griboyedov 48)

Mortgage and consumer loans provided within the framework of the housing program for public servants(Griboyedov 48)

"Converse Bank" CJSC (hereinafter referred to as the Bank) within the framework of the "Housing Program for Public Servants" (hereinafter referred to as the Program) of the RA State Committee on Urban Development (hereinafter referred to as the Committee) provides consumer loans secured by real estate to the beneficiaries determined by the Committee, for the purpose of purchasing apartments and parking lots from the multi-apartment building complex under construction at the address of 48 Griboyedov str., Arabkir a/d, Yerevan, (developer - "ORD Development" LLC) under the following conditions:

Mortgage loan for the purchase of an apartment or parking lot with the resources of the bank



Public servant (candidate)

The list of candidates is approved by the Committee by the order of the President, published on the Committee's website, after which it is also approved electronically on the website serviced by ORD Development LLC.

Co-borrower, co-owner

At the request of the Borrower/Beneficiary during the mortgage loan service provided under the program and with the consent of the Bank, the co-borrower, including the co-owner, may be changed (or a new co-borrower, co-owner may be added).


Acquisition of newly built residential real estate (right to purchase) for residential purposes , at the same time
Acquisition of parking space (right to purchase)

Amount and currency

1,000,000 - 55,000,000 AMD


120 - 240 months, but not beyond the borrower's becoming of 66 years of age

Annual interest rates


For the first 24 months, fixed 13% - after which floating (CBFR1 + 5.27)%

Actual 2

13.96 - 15.90%

Prepayment 3

Not less than 10% of the property item's reference price 4

Not less than 20% of the value of the parking lot 4

Collateral security

In case of purchasing an existing apartment, the pledge of the acquired residential real estate and/or parking lot.

In case of purchasing an apartment under construction, the pledge of the right to purchase of residential real estate under construction and/or a parking lot

Acquired real estate(s) should serve as the primary collateral

A Master Loan Agreement (hereinafter referred to as MLA) is signed with all borrowers

Total Debt Ratio to Net Income (OTI)5

Up to 75%


Real estate insurance is provided, moreover the Bank acts as a beneficiary until the mortgage loan is repaid.
The insurance is made on an annual basis, in the amount of the loan balance, with one of the insurance companies cooperating with the Bank.

Mortgage loan to purchase an apartment through program resources

Annual interest rates

Within the framework of the FMC program



Refinancing rate + up to 1.5 percentage points, currently up to 9%


9.69 - 11.41%

Within the framework of the AY program


Refinancing rate + up to 3 percentage points, currently up to 7.5%


8.07 - 9.69%

Other terms of financing within the framework of " National Mortgage Company" RCO CJSC and "Apartment for Youth" RCO CJSC in accordance with the provisions of the relevant services of the Bank (see the relevant links  next to the service descriptions).



Consumer loan secured by real estate, for the acquisition of a parking lot


Public servant (candidate) obtaining a real estate mortgage loan within the framework of the program

Co-borrower, co-owner

Co-borrower, co-owner involved in servicing a mortgage loan provided within the framework of the program


Acquisition of parking space (right to purchase)

Amount and currency

300,000 - 2,144,000 AMD (80% of the fixed value)


60 - 120 months

Annual nominal interest rate

(CBFR1 + 5.27)%, currently 13%

Annual actual interest rate2

14.07 - 19.21%

Prepayment 3

Not less than 20% of the value of the parking lot

Total Debt Ratio to Net Income (OTI)

Not defined

Collateral security

Collateral for the purchased parking (right to purchase)
No guarantor required

General provisions:

In case of lending with the bank's resources, the mortgage loan is provided for the purchase of both apartments and parking lots.

The refinanced mortgage loan provided by the "National Mortgage Company" and the "Housing for Youth" RCO CJSC is provided only for the purchase of apartments, and the lending for the purchase of parking lots is provided under the terms of consumer loans secured by real estate.

Loan application review, loan disbursement and service fees


In case of recognizing the person(s) as creditworthy

In case of approving the loan, the Bank provides consent to disburse a certain amount of mortgage loan to the public servant and (or) his/her family member in order to participate in the program.

Real estate unit values

  • For 1 sq.m. of 478 apartments in the building complex envisaged under the phase 1

- without interior decoration - AMD 339,000

- with interior decoration -AMD 377,000

- The fixed price for the parking lot is AMD 2,680,000

(in all cases, including value added tax)

For 1 sq.m. of 522 apartments envisaged by the second stage - will be published by a relevant RA Government Decree

The building will be commissioned in the fourth quarter of 2024

Loan and interest repayment procedure

Annuity (Equal monthly repayment), with principal and interest accrued in variable portions.

"Spring" (decreasing monthly repayment), in which the principal amount is included in equal portions, and accumulated interest is variable.

Credit history requirements

At the time of loan application
-There should be no existing overdue credit liabilities аnd/or liabilities classified by stricter than "standard" class) (including guarantees);
The total amount of overdue days in respect of all current/repaid loans during the last twelve months should not exceed 30 days

Fines and penalties

In case of breach of the repayment terms stipulated in the contract, the Borrower shall pay a fine to the Bank at the rate of 0.13% of the overdue amount for each day of default.

Repayments of overdue liabilities are repaid in the following order: fine/penalty, interest, principal amount.

No fines or penalties are envsiaged for early repayment of the loan.



Other banking products provided on preferential terms to Public Servant Borrowers

Issuance of payment cards and credit limits

"Karas" term deposit in AMD for a period of 1-5 years with an annual interest rate 0.5 percentage points higher than the rate currently effective

Other terms and tariffs in accordance with the provisions set out for the relevant services of the Bank.


1 CBFR - Converse Bank Floating Rate It is set twice a year by the Bank on the basis of the primary indicators, and in the event of unavailability of the latter - based on secondary indicators. In case of change, the nominal interest rate of the existing contracts changes no sooner than one month after the borrower is notified.
Key indicators: In case of AMD, the yield curve of 180-day government bonds of the Republic of Armenia, published by the Central Bank of Armenia at; In the case of USD or EUR, respectively, the "6-month ICE LIBOR US Dollar" and "6-month ICE LIBOR Euro" benchmarks, published by the Intercontinental Exchange (ICE) at website:
Secondary indicators: In case of AMD, the refinancing rate set by the CBA; In the case of the US dollar, the Federal Reserve Bank interest rate on the Federal Funds or the upper limit of the range; In the case of the euro, the European Central Bank's marginal lending facility rate.
Moreover, in case of inaccessibility of the main indicators and the use of secondary indicators , the nominal interest rates on CBFR financing established based on the secondary indicators shall be set so that the nominal interest rate remains unchanged under the change in the fixed component of the financing interest rate.
The specified CBFR rates are published on the Bank's official website at and are available on the Bank's premises.The Bank may change the floating rate of this loan no more than twice a year. The maximum floating rate increase threshold is set at +/- 4 percentage points. The CBFR values can be rounded up to one hundredth. CBFR value in AMD as of the date of the bulletin update - 7.73%.
2 The annual annual interest rate in addition to the fees set by the Bank, includes other fees required to obtain the loan, such as a collateral registration fee, whereas notarization and property registration fees are not included in the annual actual interest rate calculation as they are subject to payment by the customer irrespective of whether the payment for acquiring the property is performed by loan resources or in cash price.
3 The down payment is credited to the treasury deposit account opened in the name of the Committee in accordance with the preliminary real estate sale agreement / reference and/or other document concluded between the Committee and the borrower.
4 The unit price is determined by multiplying 97% of the designed area of the apartment by:
-339,000 AMD for apartments without interior decoration,
- 377,000 AMD  for apartments with interior decoration,
- 2,680,000 AMD for parking lot.(in all cases, including value added tax)
At the stage of concluding the Master agreement, if, based on the registered area of the apartment, there is a positive difference between the unit price and the reference price for the unit, the borrower/buyer is required to complete the outstanding portion of the price; and in case of a negative difference, it will be refunded to the Committee and the Committee will repay it to the borrower/buyer.
The RA Government Decree No. 2206-N of 30.12.2020 was taken as a basis for setting the reference price.
5 OTI - The ratio of the total of maximum amount of monthly repayments of loan principal, interest, service and insurance premiums (if any) on the loan and on all other loans in the name of the borrower/co-borrowers, as defined by the repayment schedule, to the total net monthly income of the the same persons.

 General terms and conditions

  List of payments made by the customer

Pledged property insurance

0.13% - 0.15% annually on loan balance

Notary validation

20,000 AMD

Registration of property rights in the RA Cadastre Committee

45,000 AMD

Registration of the right of pledge in the RA Cadastre Committee

27,000 AMD

 List of insurance companies

Early repayment of the loan

The borrower has the right to repay the loan in whole or in part in advance, including through refinancing.
In case of early repayment of the loan amount or part of it, the Bank will reduce the total cost of lending, including the total interest payable under the loan agreement and service charges.
At the borrower's discretion, the Bank will reduce the amount of monthly payments in proportion to the amount repaid in advance, leaving the loan repayment period unchanged, or reduce the loan repayment period, leaving the amount of monthly payments unchanged.

Consideration time

At least 7 days prior to the conclusion of the loan agreement, the Bank will provide you by hand or by mail a loan agreement proposal and a draft loan agreement. The proposal to conclude a loan agreement is valid for 7 business days from the day following the date of its submission to the borrower.

Example of calculating interest rates 
In case of loan with the following terms and conditions:

Loan amount:

20,000 USD

Nominal interest rate


Repayment period

10 years

Repayment type


Interest composition

Monthly repayment (principal amount+ interest)


Total interest


Total of repayments


 Loan interest is calculated based on the nominal interest rate applied to the deductible balance, and the actual annual interest rate shows how much the loan will cost you when you make timely interest payments and all the related mandatory fees and payments related to loan disbursement. The procedure for calculating the annual actual interest rate can be found at the following address:

Communication with the Bank

You have the right to communicate with Converse Bank CJSC in any format at your discretion - by postal mail or by electronic communication methods. It is most convenient to receive information electronically, as it is available 24/7, free from the risk of loss of paper-based information and ensures confidentiality.

Provision of statements, references and other information (including VAT)

Provision of a statement by the method preferred by the customer, at the frequency defined by the RA legislation and / or by the contract: 0,
Provision of additional statement on mortgage loans (including submission to the RA State Revenue Committee) 4 times a year, for the period specified by the customer: 0
Provision of the statement in addition to the periodicity defined in the previous points1:
-dating back up to 3 years - 1,000  AMD 
-Dated back to 3 years and more (in case it is available in the bank ) -  3,000  AMD 
Statement1 for submitting to different institutions:
-In case of accounts opened within a month2 5,000  AMD 
-In case of accounts opened earlier - 3,000  AMD 
Reference based on the application submitted through the Bank's website - 3,000 AMD
References / Letters
On transactions made
-For transactions dated back up to one month - 3,000 AMD 
-For transactions dated back more than one month - 5,000 AMD 
Notice of agreement on consecutive pledge/alienation of property pledged in the Bank - 6,000  AMD for each pledged property

Transaction support documents and copies of other documents (for each document)
-Dated back up to 1 month -  1,800 AMD
-Dated back up to 1 year - 3,000 AMD
-Dated back more than one year -  12,000 AMD

Tariffs for other services (including VAT)
Mail delivery of statements or other documents

In the Republic of Armenia and Artsakh - 0
-Tariff set by the shipping service provider, if established by law and contract.
-In other cases, the fee set by the shipment service provider +  1,500 AMD
Delivery of references or other documents via Ordered mail shipping
-Within Armenia and Artsakh-  3,000 AMD
-International - fee set by the shipment service provider + 3,000 AMD 
Provision of Bank consent for registration of family members at the address of pledged real estate (regardless of number of registered persons) -  3,000 AMD
Granting consent for modification of documents on real estate property pledged with the Bank3: 0.5%, minimum 12,000 AMD , maximum 60,000 AMD 
Granting consent for the lease of pledged real estate property- AMD 12,000
Partial release of pledged property based on the application of the pledgor or the borrower (except for the pledge of cash as well as unallocated metal accounts) -  20,000 AMD (per property)
Loan terms revision- 0.5%, minimum 12,000 AMD

1In case of simultaneous provision of a statement and reference to the same Customer and charge envisaged for the reference, the charge will be collected for reference only.
2In case of more than one active account, the opening date of account which has been opened earlier is taken into consideration irrespective of whether or not included in the statement.
3The tariff shall be calculated on the basis of the estimated initial value of the collateral.
4The tariff is calculated based on the amount of loan provided. The tariffs are set at the time of submission of the application by the customer for revision of the loan terms.

Required documents


Loan Application Form


Preliminary agreement between the Committee and the borrower:


Identity documents, public service numbers, or a reference of not having received a Public service number issued by population state registration body (not required, if identification card is presented)


A reference to the place of residence with the indication of family members living together.


Certificate from the workplace, with date of issuance as of the date of submission to the Bank should not date back to more than 20 calendar days (a copy of the annual individual report submitted by the employer may also be required)
Such certificate may not be required if the applicant has received his/her salary through the Bank for at least 6 months prior to applying.


Secondary income (if any) supporting documents.


Certificate of ownership of the purchased property, grounds for acquisition


Unified reference on the Real Estate Unit provided by the RA Cadastre Committee on any encumbrances of the pledged property (submitted after the loan is approved)


Marriage, Divorce Certificates (if available) of Borrower/pledgers


Consents to make ACRA Request and ACRA Reports (prior to loan approval)


Other documents required by the Bank.



If you fail to fulfill or incompletely fulfill your obligation,  within three business days this information will be provided to the credit bureau  where your credit history is formed. Having a bad credit history can negatively affect your creditworthiness in the future. You have the right to receive your credit history report for free once a year from the credit bureau.

In case of insufficient funds to repay your credit liabilities, they may be repaid at the expense of your other property and/or that of the guarantor, as prescribed by the RA legislation.

In accordance with the RA Law on Combating Money Laundering and Terrorist Financing, on the basis of the Know Your Customer Principle, the Bank may require the Customer to provide additional documents or other information, as well as ask questions during verbal communication, for the purpose of conducting due diligence of the Customer.  

The Bank may collect additional information in accordance with the terms of an agreement with the US Government under the Foreign Account Tax Compliance Act (FATCA) to determine your eligibility for being a US taxpayer.

The Bank is entitled to modify and supplement the tariffs for additional services provided by notifying the Customers in accordance with the contract, by posting a relevant message on its own website (, by posting announcements on the Bank's premises, by sending a notification by post, and by any other methods  proposed by the Bank selected at the Customer's preference, which is considered a due notification of the Customer.

Factors for positive or negative decision on providing the loan

The Bank is inclined to provide the loan if:

  • The applicant complies with the terms and limiting conditions of the loan,
  • At the request of the bank, the applicant secures its credit liabilities with collateral,
  • The applicant is recognized as creditworthy as a result of the assessment,
  • The documents and references submitted by the applicant are reliable and include all necessary information;
  • The applicant's credit history is either positive or missing.
    Failure to comply with any of the above conditions, as well as other requirements of the Bank's internal regulations, may result in refusal to provide the loan.

Time periods for notifying the customer of the decision to provide the loan and for the loan disbursement.

-The decision-making proces takes a maximum of 10 banking days.
-The customer is informed within one day.
+Loan agreements are concluded within a maximum of 3-5 banking days after the Client submits the complete package of documents to the Bank.
-The actual loan is provided to the client as soon as he/she receives the certificate on the right to pledge from the relevant state bodies.

Venue for loan formalities and method of disbursement

Loan is provided at Head Office and Branches
In case of purchase, the loan amount is transferred directly to the developer's account. In case of renovation, the loan amount is disbursed to the borrower by way of depositing it to the borrower's bank account.

Your financial directory

Your financial directory is an electronic system combining services offered to individuals that makes it easy to search, compare and find the most effective option for you

Procedure for resolving disputes

Any disputes and disagreements between the Customer and the Bank shall be resolved first by mutual negotiation, and should the agreement not be reached by such methods, the disputes and disagreements shall be resolved in accordance with the procedure prescribed by the RA legislation both per court procedure, and through financial system obmudsman.

Notice on Financial System Mediator

Please be informed that according to the RA Law on Financial System Mediator, in case of property claims arising out of services rendered to you by Converse Bank CJSC, disputes and disagreements for not exceeding million AMD or equivalent foreign currency may be resolved through the Financial System Mediator.
According to an agreement between the Bank and the Office of the Financial System Mediator, the Bank waives the right to challenge the Financial System Mediator's decisions only in relation to property claims not exceeding 250,000 (two hundred and fifty thousand) AMD or equivalent currency, and on transaction amounts not exceeding 500,000 (five hundred thousand) AMD or equivalent foreign currency.
Address: 0010 Yerevan, Khorenatsi str. 15,
"Elite Plaza" business center, 7th floor
Email: [email protected]
Telephone: (+37460) 70-11-11
Fax: (+37410) 58-24-21:

Contact with the Bank

For more details and more information you can:

  • visit the Bank's website at
  • visit the Bank's Customer Service at the Head Office or any branch
    Call: 374 10 511211
    Viber: 374 95 511211
    Skype: conversebank-callcenter