Mortgage / RENOVATION LOANS

Loan Calculator










Annuity Reducing

Renovation loan NEW HOUSE

2-25 million AMD

13%-14% - interest rate

5-15 years’ term

Without service fee

 

If you need money for habitual real estate
 

      obtaining,
      reconstructing,
      renovating / improvement
 

and you can mortgage renovated, purchased real estate or land which is the destination of building real estate then “Kamurj” UCO offers you credit wit following condition.

 

Loan granting conditions 
 

 INDICATOR 

CONDITIONS

Borrower (s)

RA citizen and RA resident individual (s) 

Age limitation 

Borrower’s age at the moment of applying

 minimum  20, maximum 60

Loan amount

2-25 mln AMD

Loan/ collateral value ratio 

 In case of renovating real estate 70% of the liquidation value

 In case of pledge of acquired real estate maximum 70% of the estimated market value of the acquired real estate

 In case of pledge of acquired and additional real estates maximum 70% of the liquidation total amount, but not more than 90% of the estimated market valuated of the acquired real estate

 In case of obtaining loan in case of difference estimated acquisition and market values is based on minimum for loan/collateral value ratio

• 70% of the estimated liquidation total amounts of under construction and additional real estates

Down payment 

Minimum 30% of obtaining real estate price in case of real estate pledge

Minimum 10% of obtaining real estate price in case of obtaining and additional pledge

Loan repayment

5 - 10 years  ( for real estate renovating/improving)


10 - 15 years  (for real estate obtaining/constructing)

Annual interest rate

13% (for real estate obtaining/constructing)

14% ( for real estate renovating/improving)

Granting fee

Lump Sum

1% of loan amount,

Minimum 30,000 AMD   

Loan servicing monthly fee

Free of charge 

Loan application review fee

5,000 AMD

Payment mode

Monthly

Annuity  or equal loan amount repayment

(Loan interest is calculated on the outstanding balance of the loan amount)

Prepayment fine

1% of loan prepayment amount

Lending territory 

Territory of RA 

Applicable penalties

Overdue loan amount and overdue interest rates 0.25 per day (maximum 90 calendar days)

Basic Security

Renovating, improving, obtaining, reconstructing if available more residential real estate collateral too

Additional Security

Guarantee for Legal entity and/or individual, pledge of moveable property

Maximum length of decision-making

Within 15 days after presentation of all the required documents

The program is implemented by the “National Mortgage Company” UCO CJSC funding.

 

Necessary requirements for Borrower’s Credit history

 

       Loan obligations should not be overdue at the moment of loan granting decision

       The number of overdue days for the last 12 months (repaid and acting) must not exceed 30 days of the schedule.

 

 

 

Insurance

 

a)      The real estate insurance with appraised marked value in accordance with the tariffs and UFPC (Unit for financing of the programmatic credits) requirements established by the companies cooperating with the Company.   

b)      Insurance against accidents for the Borrower and co-borrowers (if any) within the rest amount of the loan in accordance with the tariffs and UFPC (Unit for financing of the programmatic credits) requirements established by the companies cooperating with the Company.  

 

 The creditor covers the insurance expenses according to the tariffs of insurance companies. 

 

“Kamurj” UCO CJSC acts as a beneficiary.

 

Penalty payment 

 

If the borrower does not perform his loan repayment liabilities in time, or does it partially  (according to the agreement between the Creditor and the Borrower), the borrower is obliged to pay fines to the creditor. Starting from the default day 0,2 percent of the overdue amount will be calculated for each day as a penalty.

If the borrower does not perform his loan interest rate payment liabilities in time, or does it partially (according to the agreement between the Creditor and the Borrower), the borrower is obliged to pay fines to the creditor. Starting from the default day 0,3 percent of the overdue interest amount will be calculated for each day as a penalty.

 

List of necessary documents

 

 

Required documents in case of building

Required documents in case of renovation

Required documents in case of obtaining



ATTENTION: 
If you do not perform your whole liabilities within prescribed time, the information about you will be recorded in the Credit Register of the Central Bank of Armenia by the creditor. 


WARNING: 
Your assets (house, car, etc.) may be confiscated if you do not make payments of interest and credit amount within the prescribed time as well as other regulations specified in the agreement between you and the “Kamurj” company.