Regional purchase mortgage loans are disbursed to those resident individuals of Armenia over 18 years old, who will not reach the pension age during the whole loan validity period. Regional purchase mortgage loans are provided for the purchase of residential real estate located in the regions.
In cases mentioned in the points 2, 3 and 4 the number of repayments of the main amount should comprise at least 2 and the interest amounts should be repaid each month.
Requirements presented to the Borrower – the borrower (co-borrower) shouldn’t have a current overdue obligation, all the loan obligations should be categorized as standard, and the total number of overdue days during the last 12 months shouldn’t exceed 30 calendar days.
The same documents regarding the applicant should be presented by the co-borrower (if applicable)
1 The documents are required, if the data or documents are missing or are incorrect in the database of the state registry of the RA Ministry of Justice.
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.
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.
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.