Mortgage / RENOVATION LOANS

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Annuity Reducing

Renovation loan THRIFTY HOUSE

2- 5 million AMD

Started from 7% interest rate

With the term of 10 years

Without service  fee

Possibility of receiving grant with 5% of loan contractual amount 


If you need money for residential real estate renovation/ improvement which will assist energy savings and you can pledge renovating real estate then “Kamurj” UCO offers you loan with following conditions. 

 

Loan granting conditions

 

  INDICATORS 

CONDITIONS

Borrower (s)

RA citizens and RA resident individuals 

Age limits 

Borrower’s age at the moment of applying

minimum  20, maximum 60 

Loan amount

2- 5 million AMD

Loan maturity 

5-10 years

Annual interest rate

Refinancing rate (7% at the time of decision) + 3%

Annual actual interest rate

10.68% - 10.87%

Lending fee

Lump-sum 

08% of loan amount,

Minimum 30,000 AMD 

Loan service (monthly) fee

Not charged 

Loan application review fee

5,000 AMD

Repayment mode

Monthly

Annuity  or equal loan amount repayment

Grace period of loan amount

Minimum 6 months

Maximum 24 months

(only the interests are paid)

Applicable penalties

Overdue loan amount and overdue interest rates 0.12% per day (maximum 90 calendar days)

Lending territory

All the territories of RA excluding administrative district Kentron of Yerevan city   

In case of real estate

up to 70% of market price

 

Other conditions

 Minimum 50% of the loan must be spent on energy efficient materials and goods obtaining.

  If energy efficient index is 35% after grace period then 5% grant of loan contractual amount is provided by UFPC (Unit for financing of the programmatic credits) which is directed to the repayment or reducing of the loan amount.  

  The program provides a single crediting opportunity 

Maximum length of decision-making

Within 7 days after presentation of all the required documents

Maximum length of  loan granting

Аfter the state registration and submission of the pledge right: 2 working days

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.

 

Loan security 

 

Renovating /improving residential real estate considers as collateral.  

 

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

 

List of necessary documents for renovation 


 

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.