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Energy efficient mortgage loans

State support program for energy-efficient renovation of apartments and private houses

The loan is provided by "Converse Bank" CJSC (hereinafter referred to as the Bank) in cooperation with the RA Ministry of Territorial Administration and Infrastructure within the framework of the state support program "Energy-efficient renovation of apartments and private houses" (hereinafter referred to as the Program) until July 1, 2024 under the following conditions:


Programme beneficiary: a citizen of the Republic of Armenia who owns or is a co-owner of an apartment (private house) in the Republic of Armenia, or a member of his/her family1


Renovation of residential real estate (except for constructions/buildings with the 4th degree of damage) meeting the energy efficiency standards set under the program.


84 months

Amount and currency

·         Applications considered with income analysis:

-       In case of apartments: AMD 500,000 - 7,000,000

-       In case of private houses: AMD 500,000 - 10,000,000

·         Applications considered without revenue analysis:

-       AMD 500,000 - 4,000,000

Annual nominal interest rate

·     Option 1: 14% (applies to the applications requiring income analyses), whereof the subsidy will be implemented:

-       14 percentage points for the property under renovation in border or high mountain settlements (the beneficiary will not repay the interest amount),

-       12 percentage points for the property being renovated in rural settlements that are not border settlements (the beneficiary will repay the interest amount in the amount of 2 percentage points),

-       11 percentage points for property under renovation in urban areas that are not border settlements (the beneficiary will repay the interest at the rate of 3 percentage points),

-       9 percentage points for the property under renovation in the city of Yerevan, (the beneficiary will repay the interest amount in the amount of 5 percentage points).


·     Option 2: 18% (applies to the applications not requiring income analyses), whereof the subsidy will be implemented:

-       14 percentage points for the property under renovation in border or high mountain settlements (the beneficiary will repay the interest amount in the amount of 4 percentage points),

-       12 percentage points for the property being renovated in rural settlements that are not border settlements (the beneficiary will repay the interest amount in the amount of 6 percentage points),

-       11 percentage points for property under renovation in urban areas that are not border settlements (the beneficiary will repay the interest at the rate of 7 percentage points),

-       9 percentage points for the property under renovation in the city of Yerevan, (the beneficiary will repay the interest amount in the amount of 9 percentage points).

No other fees in regard with loan disbursement and servicing are set.

Annual actual interest rate2

0 - 16.63%

Additional services

A Visa Classic or MasterCard Standard payment card3 is provided to the customer for the purpose of servicing the loan without an annual service fee for the entire period of validity of the card.


1Family members are the beneficiary's father, mother, husband, spouse's parents, grandmother, grandfather, sister, brother, children, grandchildren.

2The annual actual interest rate also includes other fees necessary to get the loan: collateral assessment, joint reference, notary authentication and registration of collateral. The subsidized interest rate is not included in the actual interest rate calculation.

3The card can be used exclusively for cashless payments. Other terms and conditions and tariffs are set according to the provisions of the Bank's relevant cashless service.

List of payments made by the customer in case of pledging a real estate

Collateral assessment costs


AMD 18,000

Private house

AMD 25,000

Collateral assessment costs

Is done by the Bank

Single reference

AMD 10,000

Notary validation/authentication

AMD 20,000

Registration of the right of pledge

Real estate

AMD 27,000

AMD  2,000

Movable property


Tariffs for settlement accounts opened for the borrower in case of loan disbursement

In case of AMD loans 

For one settlement account in AMD



annual service


In case of foreign currency loans

For one settlement account in AMD and one in foreign currency (according to the loan currency)



annual service


Other terms in accordance with the provisions on opening and servicing of Bank accounts.

*If the customer already has settlement accounts in the mentioned currencies, new accounts may not be opened, instead the terms of the existing ones will be edited accordingly.


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.

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. Fee for loan application review, state fees (notary, pledge registration, etc.) and collateral assessment fees are not subject to reduction / refund.
At the borrower's discretion, the Bank will reduce the amount of monthly payments in proportion to the prepaid amount, leaving the loan repayment period unchanged, or reduce the loan repayment period, leaving the amount of monthly payments unchanged.

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 and penalties are set for early repayment of the loan.

Terms and restrictions

1. PTI
1.1 For purchase of a solar photovoltaic system and/or solar water heating system;
- up to 50% for a loan amounting up to AMD 5,000,000
- up to 40% for a loan amounting from AMD 5,000,001 to 10,000,000
1.2 up to 40% in case of a loan intended for the renovation of an apartment and/or private house.
PTI - The ratio of the maximum amount of monthly repayments of loan principal, interest, service and insurance premiums (if any) as defined by the repayment schedule to the total net monthly income of the borrower/co-borrower.
2. OTI
2.1. For purchase of a solar photovoltaic system and/or solar water heating system;
- up to 70% for a loan amounting up to AMD 5,000,000
- up to 50% for a loan amounting from AMD 5,000,001 to 10,000,000
2.2. up to 50% in case of a loan intended for the renovation of an apartment and/or private house.

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.

1. Primary Loan Agreement (hereinafter PLA) is concluded with all borrowers for 120 months.
2. At the time of applying for the loan, the sum of applicant's age and loan term should not exceed 65.
3. The apartment being renovated is owned by the borrower or a member of his/her family.
4. The renovation works shall be completed no later than 6 months after the last installment of the loan.
5. For one apartment (private house) only one loan interest rate subsidy is implemented within the program.
6. At the time of considering loan application, the borrower/co-borrowers shall have no overdue loans, as well as existing loan obligations classified stricter than "standard" class (including guarantees).
7. Delays on all loans (both current and repaid) during the year preceding the loan application period should not exceed 30 days in total.

Energy efficiency assessment

At least 20% of the loan funds in the case of an apartment, and at least 30% in the case of a private house, shall be directed to increase the energy efficiency of residential real estate, in particular:
- thermal insulation of walls, roofs, inter-floor coverings,
- acquisition of energy-efficient building materials,
- purchase, replacement or installation of exterior doors and windows,
- acquisition, replacement or installation of a heating or water boiler system (gas or electric) and components of the heating system (pipes, batteries, etc.),
- purchase and installation of cooling systems, energy-efficient fans, air conditioners,
- purchase and installation of solar systems (water heater, photovoltaic),
- purchase of LED lamps and lighting fixtures.

At least 70% of the total amount of the loan shall be used cashless for the specified cost directions. At least 80% of the renovation costs, and 100% of the costs for energy-efficient measures shall be substantiated by documents certifying the payment (payment order, cash register receipt, invoice, bank or card transfer, proof of handover-acceptance of goods or work, or service (act, protocol, etc.) the measures will not be considered as energy efficient unless documents certifying the payment are submitted.

Up to 10% of the total amount of the loan can be used for the purchase of household appliances (minimum energy-saving class A+ refrigerator, washing machine, dishwasher, electric oven, electric stove, and electric water heater). The purchase of household appliances is not considered an energy efficient measure.

Security, Loan to value ratio/LTV, Requirements to the guarantor


·         The loan shall be secured by real estate collateral.

·         Real estate collateral may not be required in case of loans amounting up to AMD 5,000,000.

·         When purchasing a solar photovoltaic system and/or a solar water heating system, the purchased equipment is pledged (without notary authentication by signing a movable property pledge agreement).

·         A co-borrower/guarantor may be required if necessary.

Loan to value ratio (LTV)

Up to 70% of the appraised market value of the pledged real estate.

Requirements to the guarantor

The guarantor:

·         shall have a stable proven income or ownership/co-ownership for immovable and/or movable property and/or property subject to state registration;

·         at the time of loan disbursement may have a maximum of 3 current guarantees against liabilities of other persons whose liabilities are not overdue;

·         shall not have problem loans at the time of loan disbursement, nor overdue liabilities of 30 days or more during the last 12 months.

Explanatory information on the guarantee

If the borrower fails to fulfill his/her obligations, the guarantor will pay on behalf of the borrower, the guarantor's credit history will deteriorate as well, and the guarantor may be deprived of his/her property.

Converse Bank:
• shall provide the guarantor with an example of loan and guarantee agreements and a repayment schedule,
• the communication will be carried out in the manner chosen by the guarantor,
• shall notify at least 7 days in advance of the change in the terms of the contract,
• shall send reminder of existing obligation 1 day in advance
• in case of delayed repayment of the loan, shall notify the guarantor not later than within the following day.

The guarantor has the right to:
• request the Bank for information on the size of the loan balance at any time,
• get a refund of loan-related payments made, as well as of other losses incurred on behalf of the borrower.

Frequency and method of loan repayment
"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.

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

Loan amount:

AMD 7,000,000

Nominal interest rate

14.00% with 9% subsidy

Repayment period

7 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 link.

Collateral valuation/appraisal
The pledged or renovated real estate is subject to valuation/appraisal/ by one of the property appraisal companies cooperating with the Bank. The appraisal company is selected by the Customer. The report on appraisal of market/realisable value of the property is valid for 2 months from the report date. An additional revaluation may be required if necessary (e.g. price changes).

Appraisal companies

Valuating company


Telephone numbers

"Amintas Group" LLC

"Tun Depo" complex, 23/6 Artsakh Str., c. Yerevan

(010) 432 276,(094) 432 276, (096) 432 276

"RVM Consult" LLC

Tpagrichneri str. 9, room 114, c. Yerevan

(010) 546 490, (098) 944 449, (077) 944 449
(093) 944 449

"Abit" LLC

P. Buzand 1/3, 4th floor, c. Yerevan

(033) 999 880, (096) 999 888


Vardanants passage 8/3, room 209, c. Yerevan

(010) 588 797, (043) 588 797

Collateral insurance
The Bank carries out annual insurance of the pledged property in the amount of at least loan balance by any of the insurance companies cooperating with the Bank, moreover, the Bank acts as the beneficiary.

List of insurance companies

Insurance company


Telephone numbers

"Ingo Armenia" ICJSC

c. Yerevan, Hanrapetutyan 51, 53, areas 47, 48, 50

(010) 592 121


c. Yerevan, Komitas Avenue 62

(060) 275 757, (098) 560 797

“Liga Insurance” ICJSC

c. Yerevan, Northern Avenue 1

(010) 591 010

"Nairi Insurance" LTD

c. Yerevan, 0033, Avet Avetisyan 116/1 and 116/5

(060) 500 060, (010) 543 594


c. Yerevan, 0033, Hr. Qochar 35/1, RA

(010) 700 800

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 hard copy (paper based) information and ensures confidentiality.

Provision of statements, references and other information (including VAT)
Provision of statement with periodicity prescribed by RA legislation and/or agreement in the customer's preferred way - 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 a statement in addition to the periodicity specified in the previous paragraphs 1
- Dated back up to 3 years - AMD 1,000,
- Dated back to 3 years and more (in case it is available in the bank ) - AMD 3,000

• Statement1 for submitting to different institutions
- In case of accounts opened within a month 2 AMD 5,000
- In case of accounts opened earlier - AMD 3,000

• 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 - AMD 3,000
- For transactions dated back more than one month - AMD 5,000
 Notice of agreement on consecutive pledge/alienation of property pledged in the Bank - AMD 6,000 for each pledged property

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

Tariffs for other services (including VAT)

• Post delivery of statements and other documents
 Intra-republican: 0
- In cases under the law and the agreement: Delivery service provider’s tariff
- In other cases: Delivery service provider’s tariff + AMD 1,500

• Through outsourced delivery service provider
- In country and cross country: AMD 3,000
- International: Delivery service provider’s tariff + AMD 5,000
• Provision of Bank consent for registration of family members at the address of pledged real estate (regardless of number of registered persons) - AMD 3,000
• Granting consent for modification of documents on real estate property pledged with the Bank3 - AMD 20,000
• Granting consent to change the right to purchase or build real estate, which is a means of securing a mortgage loan in the bank, into the right of ownership – AMD 0
• 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) - AMD 20,000 (per property)

• Loan terms revision3 - 0.5%, minimum AMD 12,000
1 In 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.
2 In 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.
3 The 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


Identity documents, Public service number or a certificate issued by the body maintaining the state population register on not receiving a PSN (not required if an identification card is submitted)


Consents on making enquiries


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)


In the case of other non-business/non commercial/ activities (eg. investment activities, leasing of property, investments in deposits, etc.), a reference of income from those types of activities should be submitted.


In case of entrepreneurial activity:

·         Reference on income received from business activities - for legal entities

·         Financial analysis for sole proprietors and individuals


In case the applicant is a sole proprietor/private entrepreneur/, a reference from the State Revenue Committee on the latter’s obligations to the state, and in case of engaging in activities requiring licensing or permission to carry out certain activities, also a relevant license and/or permit, if the latter is a significant factor influencing the borrower’s income.


Certificate of ownership of the property under renovation, identity documents of the owners and grounds of acquisition (purchase agreement, inheritance certificate, etc.).


Marriage certificates (if available) of borrower/pledgers.


A rough estimate of the planned renovation works, and in the case of works requiring a construction permit, a corresponding construction permit with an indication of the deadline for the completion of the works.

Not required for solar PV system and solar water heating system pledge.


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).


Preliminary valuation letter on collateral is submitted prior to the loan approval.


Collateral valuation conclusion/act is submitted after the loan is approved.


In the absence of information on the date of construction of residential real estate and the degree of damage in the appraisal report, a conclusion issued by licensed persons as a report on the inspection of the technical condition of an apartment (private house) built before 2010 (not more than 10 years old) on not having damage of the 4th degree.

The list of licensed persons in the field of inspection of the technical condition of buildings and structures is published on the official website of the RA Urban Development Committee:


Other documents required by the Bank.

Credit history

Credit history is a collection of data on the financial obligations of an individual or legal entity, which shows the history of the latter’s financial obligations or their fulfillment.
The credit history includes data on 5 year-period prior to the date of inquiry, and is made from information on:
• Financing received by the person, including:
- their number and amount,
- the amount, type, terms of each financing, the nominal interest rate applied by the creditor,
- the information on collaterals securing loan/financing.
• Fulfillment of loan repayments (for example, whether the interest and principal amount repayments were duly paid or not),
• Guarantees provided to other persons, their number and amount, the type of loan secured by each guarantee, terms and information regarding collaterals,
• Overdue days/amounts in terms of financing and guarantees, as well as the penalties and fines charged for them,
• Unpaid or late utility bills.

Credit history does not contain personal data, such as a person’s ethnicity, religious and political views, social status, etc.

If there are incorrect or incomplete data in the credit history, for the purpose of clarification and correction, the borrower can inform about it "ACRA Credit Reporting" CJSC, hereinafter also Credit Bureau, or directly contact the financial organizations providing information. People can address credit bureau by submitting an appropriate written application or electronically, online from the personal portal "My ACRA".
The process of accepting/receiving, discussing and responding to customer complaints regarding credit reports provided by the credit bureau, the sequence of actions is defined by the "Procedure for Dispute Resolution" of "ACRA Credit Reporting" CJSC.

For more details follow the links: and links.

Measures to take to improve the credit history and scoring

In order to improve credit history and scoring, it is necessary to eliminate the main causes of their deterioration, in particular, to pay off current overdue obligations as soon as possible, as well as:

• ease the credit burden by partially or fully repaying existing loans,
• make repayments in accordance with the established schedule, excluding delays and showing punctuality,
• reduce the given guarantees by reducing their number and amount, as well as, if available, ensuring the full repayment of overdue obligations,
• avoid even one-day delays in fulfilling obligations on current/existing loans and becoming a guarantor for unreliable persons,
• avoid applying for new loans frequently.


Loan interest subsidy may be terminated in the following cases:

-       full repayment of the loan,

-       non-compliance with the requirements established by the program and non-intended use of funds,

-       provision of false information by the borrower,

-       in the event of a repayment delay of more than 90 days during the term of the loan,

-       in the event of getting more than one loan from a financial institution in order to make use of the program, the subsidy of all loans is terminated.

In case of non-intended use of the loan, or incompliance with the terms of the program, or in case of false information submitted, the amount of subsidy provided is subject to return, and the Bank has the right to withdraw the financing from the program and unilaterally change the interest rate, increasing it by up to 4 percentage points.

If you fail to fulfill or fulfill your obligation incompletely, 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.

Your property may be confiscated by law if you fail to make your interest and loan repayments on time.

In case of insufficient funds to repay your loan 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 agreement, 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 discretion, which is considered a due notification of the Customer.

Programme links

RA Government Decision No. 520-L of April 15, 2022:
RA Government Decision No. 775-L of May 26, 2022

Factors for loan approval and rejection
The Bank is inclined to approve the loan, if the applicant:

• meets the conditions and restrictions of the particular loan,
• secures his loan obligation with a pledge, at the request of the Bank,
• as a result of the assessment the applicant is recognized as creditworthy,
• the documents and references submitted by the applicant are credible and include all necessary information,
• the applicant's credit history is either positive or missing.
The incompliance on the part of the applicant with any of the aforementioned conditions and with the requirements of the Bank’s internal regulations can cause the rejection of the loan.

Scoring (credit rating)

The decision on providing loans for the purchase of solar photovoltaic systems and/or solar water heating system can also be made through an automated software system based on Bank Score (Converse Score) and FICO Score (details: hy and links). It is generated through the processing of data contained in the databases available to the Bank and the combination of these data and lending criteria reflecting the customer's creditworthiness.
The scoring/credit rationg/ is a combination of a number of criteria, in particular, requirements for credit history, including payment history and burden, type of collateral for existing loans, amount of the applicant’s income.

The main factors underlying the calculation of the bank scoring and their impact:





Overdue days




Credit burden


Loan balance/initial amount ratio

The value is inversely proportional to scoring

Number of current loans

Weight of non-bank or very-high-interest loans in the number of existing/current/ loans

Credit history period




Number of new credit applications


Number of loans received within the last specified period


Number of loan inquiries made within the last specified period


The ratio of the number of loans received and the number of inquiries made within the last specified period

The correlation ratio is directly proportional to scoring

Customer’s income

The growth of income is directly proportional to the scoring



Security of existing loans

the effect depends on the type of collateral and mainly increases



Simultaneously, there are a number of limitiations.


• There shall be no bankruptcy information in the applicant's name at the time of application.
• During the year prior to the application, there shall not be any liens, seizures exceeding AMD 50,000 debt in total, imposed in the applicant's name on the basis of the decision of the CESA or other competent body.
• There shall be no blocking of information on credit history.
• The number of credit inquiries of the applicant shall not exceed 10 in the one month period preceding the application.
• The number of loans received by the applicant during the last 30 days should not exceed 3.

Time frame for notifying the customer about the decision on granting and disbursing the loan.
 •The decision making takes up to 10 banking days,
 •The Customer is notified within one day,
 •The loan agreement is concluded with the customer within 3-5 banking days after submission of the complete package of documents by the Customer,
•The actual disbursement of the loan to the Customer is performed upon receiving the certificate of pledge right from the relevant state authorities.

Venue for loan formalities and method of disbursement
Loan is provided only non-cash in a lump sum or in stages at Bank’s head office and branches thereof.

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 at:

Settlement of 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 Mediator.

Notice on Financial System Mediator
Please be advised that based on the RA Law on Financial System Mediator, the disputes relating to a property claim for up to AMD 10 million or equivalent foreign exchange amount arising with regard to the services rendered to you by Converse Bank CJSC can be settled through the Financial System Mediator.

Based on the agreement concluded between the Bank and the Financial System Mediator, the Bank abandons the right to dispute the resolutions of the Financial System Mediator only for property claims not surpassing AMD 250,000 (two hundred fifty thousand) or the equivalent foreign currency, and the amount of the transaction not surpassing AMD 500,000 (five hundred thousand) or equivalent foreign currency.

Address: 15 M. Khorenatsi, 0010 Yerevan
Business center Elite Plaza, Floor 7
Email: [email protected]
Tel: (+ 37460) 70 11 11
Fax: (+ 37410) 58 24 21

Contact the Bank
For additional information, please
• visit the Bank’s website
• visit the Customer Service Office at the Head Office or any branch of the Bank
• call +374 10 511211
WhatsApp: +374 95 511211
Skype: conversebank-callcenter

                                                                                                                                   Updated on 14.04.2024