Hot Line +37410 511 211

Mortgage loan - Elite Group

Mortgage loan offered jointly by Converse Bank and Elite Group company

Special preferential terms offered jointly by Converse Bank and Elite Group company for mortgage loans issued for purchasing apartments in the building under construction at 40/13 Dzorap Str., administrative district Kentron, Yerevan, and for renovation of the purchased apartments.

Terms of loans with own funds

Loans to purchase real estate
Loan currency AMD USD EUR
Maximum loan amount 60.000.000 AMD Unlimited
Maximum loan term 10 years 20 years
Loan annual interest

CBFR* +5.75%1

CBFR* +6.5%1 CBFR* +8.8%1

Maximum LTV ratio

85% (of the fair value2 of the real estate (mortgage lien) to the purchase value, whichever is the smallest)

In case of pledging additional real estate, 90% of the total sum of the real estate fair value (mortgage lien) and the liquid value of the additional collateral.

The amount of the Loan shall not exceed 100% of the actual purchase price of the real estate to be acquired (contract price, but not less than the fair value).

One-time fee for loan issuance 0.5% of the loan amount, but not less than AMD 25,000 (charged before issuing the loan)
One-time fee for loan processing 5,000 AMD (is charged at filing the loan application)
Monthly fee for credit account service 2,000 AMD
Renovation of the residential real estate**
Loan currency AMD USD EUR
Maximum loan amount 30.000.000 AMD or equivalent in USD/EUR
Maximum loan term 10 years
Loan annual interest

CBFR* +6.75%1

CBFR* +7%1 CBFR* +9.3%1

Maximum LTV ratio

  •  60% of the liquid value
  •  For loans issued under PLA - the outstanding of the Limit specified by the PLA, lessened the outstanding of the mortgage loan disbursed under the PLA)
One-time fee for loan issuance 0.5% of the loan amount, but not less than AMD 25,000 (charged before issuing the loan)
One-time fee for loan processing 5,000 AMD (is charged at filing the loan application)
Monthly fee for credit account service 2,000 AMD

* Converse Bank floating rate is defined on a monthly basis and published on the official website of the Bank.

1 Where the advance payment is 50% and more, the Bank’s authorized body can decrease the annual interest rate of the loan as follows: for AMD loans - up to CBFR+4.75%, for USD loans - up to CBFR+5.5%, for EUR loans - up to CBFR+8.8%.
2 The fair value is specified by the Bank for one square meter of the real estate area (residential or public) in AMD equivalent to USD 900 (maximum) multiplied by the total floor area of the real estate to be acquired in square meters.
For loans in other currency, the fair value is calculated at the exchange rate of USD specified by the Bank to date of the filing of loan application.

Terms and Conditions

"Loans to purchase real estate"

Security

  •  The real estate to be acquired (if finished) or
  •  The mortgage lien, in which case it will also be pledged to the Bank for a maximum of one year after receiving the ownership certificate.
  •  Pledge of funds or a portion available on the special account of the real estate developer, if there is an agreement on pledging it for the benefit of the Bank.

Credit limit proposed to customers under the Principal Loan Agreement (hereafter - the PLA)

The fair value of the property to be acquired, and in case of pledging additional real estate, 90% of the total sum of the real estate fair value (mortgage lien) and the liquid value of the additional collateral

Early repayment penalty

Whereas the Loan is fully repaid during the first three calendar years of the Loan period, the Borrower shall pay a fine of 3% of the original Loan amount, unless otherwise agreed by the Parties on the early repayment of the Loan.

Fine

Upon default of payment of principal and/or interests, the Borrower pays the Bank a penalty at 0.13% of the overdue principal and interest for each day of delay.

Repayment of loan and interest amounts

Monthly installment with one of these methods:

  •  "Annuity" (equal monthly installments), which includes the principal amount and accrued interests with alternating portions;
  •  "Spring-like" (in descending order-variable monthly installments), which includes the principal amount in equal portions, and the accrued interests - in variable portions.

Other terms

Evaluation of the property to be acquired is not required.

At the time of filing the loan application, the advance payment is transferred to the special account of the developer opened for Elite Group CJSC with the Bank.

Other provisions according to the terms specified to date for NORAMUT loan in the Bank.

"Renovation of the residential real estate"

Security

The loan shall be secured with the real estate to be renovated and/or its mortgage lien or secured by cash funds available on the special account of the real estate developer

Early repayment penalty

Whereas the Loan is fully repaid during the first three calendar years of the Loan period, the Borrower shall pay a fine of 3% of the original Loan amount, unless otherwise agreed by the Parties on the early repayment of the Loan.

Penalty

In case of violation of the repayment terms envisaged by the agreement, the Borrower shall pay penalty to the Bank, for each day of delay, equal to 0.13% of the overdue loan amount and of the overdue interest amount.

Penalty for early repayment of the loan

According to the agreement

Repayment of loan and interest amounts

Monthly installment with one of these methods:

  •  "Annuity" (equal monthly installments), which includes the principal amount and accrued interests with alternating portions;
  •  "Spring-like" (in descending order-variable monthly installments), which includes the principal amount in equal portions, and the accrued interests - in variable portions.

Other terms

Other provisions according to the terms specified to date for "Modern" loan in the Bank.