Renovation mortgage loans are provided to resident individuals who are 18 years or older at the time of undertaking and who will not enter pension age during the term of the loan. Only the spouse, parents (including parents of the spouse), sisters and brothers of the applicant may act as co-borrowers. All co-borrowers must be resident citizens of Armenia. Co-borrowers take joint liability with the borrower in respect of all loan obligations.
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.