Receiving your wage through ACBA-CREDIT AGRICOLE BANK, you will have the opportunity of getting more favorable loan conditions;
- 7.5%* annual interest rate in case of purchasing an apartment or a house in Yerevan,
- 5.5%** annual interest rate in case of purchasing an apartment or a house in the regions.
By purchasing your apartment or house through ACBA-CREDIT AGRICOLE BANK, you can make early loan repayments after the 3rd year of loan repayment without any penalties for the prepayment.
* 9.5% - 2% of subsidy
** 9.5% - 4% of subsidy
Within the framework of the Affordable Housing for Young Families program real estate mortgage loans are provided for the purchase of residential property located in Armenia.
- Currency: AMD,
- Duration:
- Minimum 120 months
- Maximum 180 months
- Minimum amount: 1,000,000 AMD,
- Maximum amount: 17,500,000 AMD,
- Annual interest rate(stable):
- For customers receiving their wage through the Bank - 9.5%,
- For other customers - 10.5%,
- Subsidizing:
- if the property is in Yerevan - 2%,
- if the property is in marzes - 4%,
- Under the framework of the program “Affordable Housing to Young Families”, mortgage loans for purchase of real estate are provided for the purchase and residing in the real estate (apartment, residential house), located on the territory of the Republic of Armenia,
- Young families where at least one of the spouses is a resident citizen of Armenia aged 18-35 (inclusive) and where the sum of the ages of the spouses does not exceed 65, as well as single parents who are resident citizens of Armenia aged 18-35, can apply for the loan.
- Families whose net monthly income exceeds 800,000 AMD (including the income of the spouses and possible co-borrowers), as well as those who (one of the spouses) own other residential real estate, are not eligible for the loan, except if the area of such other residential real estate is below 18.0 sq. m per resident (registered person),
- The borrower (co-borrower) may not have any delinquent obligations in respect of current liabilities; all outstanding credit liabilities of the borrower must be classified as “standard”, and the total number of days of delinquencies in respect of any liabilities within the last 12 months must not exceed 30 days,
- Maximum purchase price of the real estate: 25,000,000 AMD,
- Maximum assessment value of the real estate: 26,500,000 AMD.
- Loan repayments are specified to be monthly equal installments or equal installments of the loan principal, envisaging for each month repayment of loan interest amounts and partial loan amount,
- Interest accrues on the actual (decreasing) principal of the loan,
- Advance payment is specified to be minimum 30% of the sale price of the residential real estate to be purchased. Minimum advance payment may be 10% of the sale price of the residential real estate to be purchased, if another residential real estate owned by the borrower (co-borrower) is being pledged, or except for the purchased residential real estate the borrower also offers a guarantee by a legal entity taking from 1- 300 place in the list biggest taxpayers of Armenia at the moment of presenting the loan application.
- The correlation loan/collateral shall not exceed 70%,
- The borrower (co-borrower) may not have any delinquent obligations in respect of current liabilities; all outstanding credit liabilities of the borrower must be classified as “standard”, and the total number of days of delinquencies in respect of any liabilities within the last 12 months must not exceed 30 days.
Read more:
Loans commissions, fees and other applicable charges - Lending operations
- Copies of personal identification documents of the applicant and co-owners of the real estate to be purchased (pledged as collateral),
- Social services number,
- Copies of marriage certificates of the applicant and co-owners of the real estate to be purchased (pledged as collateral), if applicable,
- Copies of birth certificates of children, if applicable,
- Official statement (from the place of residence or the relevant Passport Department) about the number of dependents and co-habitants of the applicant,
- Statement from the applicant’s (family member’s/members’) place of employment indicating the salary (income), the position and the work experience. The statement must at least contain the name, address and phone numbers of the employer, the taxpayer identification number, and must be signed and sealed (if available) by the head of the organization,
- Documents verifying other incomes of the applicant (lease payments, investment income, etc.), as well as other expenses (e.g. subsistence payments to third persons),
- Information about previous employers, if the applicant’s employment with the current employer is for a period shorter than 12 months (employer, position, work experience),
- Statement from the Real Estate Cadaster Commission of Armenia about property owned by the applicant (including joint ownership),
- Statement from the Department of Passports and Visas in case there is real estate owned by the applicant and/or his or her husband/wife with the right of ownership.
- Information about accounts at other banks (all types of accounts) and their turnover, e.g. average monthly balance, average monthly inflows and outflows, etc.
- Ownership certificates (copies) of the real estate to be purchased and other property pledged as collateral,
- The same documents, required for the applicant, shall be also submitted by the co-borrower /if a co-borrower is available/.
- Statement(s) from the Department of Passports and Visas about persons registered at the address of the real estate to be purchased,
- Proof of ownership of the real estate by the seller, e.g.:
- Inheritance certificate issued by the notary,
- Certificate of purchase of the real estate through public auction issued by the notary,
- Purchase contract or other agreements,
- Real estate evaluation report from a certified, independent appraiser.
- Assessment report by a certified independent assessor,
- For applicants engaged in entrepreneurial activities:
-Copy of the charter, copy of the legal entities’ state registry certificate (with its inserts) or reference copy, copy of the TIN (if necessary)*,
-License, if applicable,
-Tax reports for the last 1 year approved by a tax authority
- Income and expenses reports (notes) for the last 1 year.
- Bank card statement of the borrower/co-borrower, where the amount of the monthly salary (if applicable) is mentioned.
- The loan amount is disbursed non-cash,
- Credits can be obtained at the branches of the Bank,
- If the income of the borrower is not sufficient to receive a loan, co-borrowers may be involved. A co-borrower can be the borrower’s husband/wife, the parents, sisters and brothers of the applicant and of the applicant’s husband/wife. If the husband/wife works, than he/she must be a co-borrower. Co-borrowers take joint liability with the borrower in respect of all loan obligations,
- Evaluation of the purchased/pledged property shall be performed by an independent certified valuator, cooperating with the Bank,
- During the whole period of the mortgage loan for the purchase of real estate, the real estate being purchased is insured annually. Insurance is made on a residual amount of the loan, through an insurance company acceptable to the borrower and on acceptable terms to the licensee.
- The factor for the positive decision and rejection of the provision of a credit line is the assessment of the solvency of the customer,
- The decision to extend credit is made and communicated to the customer within 15 banking days after the provision of all required documents,
- The decision, made by the Bank, as a result of the review of the credit application of the customer, shall be announced to the customer within 1 working day,
- The loan is provided within 3 banking days upon submission of the full package of required documents by the customer and end of the pledging process,
- In case of delay of loan repayments for more than 90 days and not having annual insurance in due time, the loan shall be considered as non-qualified, and the loan interest rate may be reviewed and specified within the limits of the market interest rate, established at the given moment for mortgage loans,
- Interest is calculated based on nominal interest rates.
- In case of fluctuations of the interest rates of the funds, attracted or placed by the Bank in the financial market and/or change of the financing interest rate and/or availability of such preconditions and/or use of the loan by the Borrower not for the purpose, the Bank may unilaterally change the interest rates and commission fees, specified by the agreement, by notifying the Borrower 30 calendar days in advance.
Appropriation of collateral
PROPERTY PLEDGED AS COLLATERAL MAY BE SEIZED / APPROPRIATED IN CASE OF FAILURE BY THE BORROWER TO MAKE TIMELY REPAYMENTS OF LOAN AND INTEREST. WHERE COLLATERAL IS INSUFFICIENT TO MEET ALL RELEVANT OBLIGATIONS, RECOURSE MAY BE MADE TO OTHER PROPERTY OWNED BY THE BORROWER.
Information provided to the credit registry
IN CASE OF FAILURE BY THE BORROWER TO PAY INTEREST ON THE LOAN AND PRINCIPAL THEREOF IN ACCORDANCE WITH THE REPAYMENT SCHEDULE, INFORMATION ABOUT THE BORROWER WILL BE SUBMITTED TO THE CREDIT REGISTRY.
“BAD” CREDIT HISTORY MAY IMPAIR YOUR ABILITY TO OBTAIN LOANS / CREDITS IN THE FUTURE.
Financial assistant
In case of any inconsistencies between the published Armenian and English information, the Armenian version prevails.
82-84 Aram Street, Yerevan, Armenia
Tel: (+374 10) 31 88 88
Fax: (+374 10) 54 34 85
E-mail: acba@acba.am
Bank takes no responsibility for preciseness and genuineness of the contents, advertisements and possible consequences arising from use of information placed in the referenced websites.
