Thursday, December 2 2010 13:41

VTB Bank (Armenia) provides up to 35-year mortgage loans


ArmInfo. VTB Bank (Armenia) increased maturity of mortgage loans to 35 years on December 1 2010. VTB Bank (Armenia) press-service told ArmInfo. The upper ceiling of a mortgage loan in terms of US dollars was increased to $300,000.

The source reported that the minimum prepayment is 30% for the national currency loans and 20% for USD loans. The annual interests for 10-35 year loans are 12% for AMD loans and 11% for USD loans. In addition, the bank facilitated the procedures of mortgage lending and cut the list of the required documents. VTB Bank (Armenia) also offers its customers various financing projects: loans for repair of housing, construction loans, mortgage as part of the program "Housing for Young Families."

"The new offer is oriented at young customers, first of all. I hope it will be in demand. In conditions of the current real estate prices extension of loan terms will significantly facilitate acquisition of housing. In fact, customers will get an opportunity to purchase better apartments not thinking of additional savings, says A. Khachatryan, Director of VTB Bank (Armenia) Department for Retail Business.

Ranking of Armenian Commercial Banks prepared by the Agency of Rating Marketing Information (ArmInfo) says VTB Bank (Armenia) was on the 3rd position as of Oct 1 2010 in terms of mortgage loan portfolio - 9.2 billion drams ($25.3 million) or 12.3% of total loan portfolio.
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