Tuesday, June 14 2011 20:42

Mortgage loan book of Armenia's commercial banks amounts to 93.7bln AMD


ArmInfo. The mortgage loan book of Armenia's commercial banks has amounted to 93.7bln AMD, President of the Central Bank of Armenia Artur Javadyan said during a press-conference today.

As many as 1,632 loans worth 12.1bln AMD have been refinanced through the agency of the National Mortgage Company with 447 loans worth a total of 3.5bln AMD issued by the Accessible Housing for Young Families company.

All 21 Armenian commercial banks are active on the mortgage market. The share of mortgage loans in their total loan book is 10%. In Q1 2011 their mortgage loan book grew by 3%, as compared with Q1 2010 - by 9%. HSBC Bank Armenia, Unibank and VTB Bank Armenia are the leaders in this sector (almost 40% of all credits). The minimum interest on a mortgage loan is 14%, the maximum period - 25 years, prepayment - 25-30%. The average size of a loan under the Accessible Housing for Young Families program is 7.8mln AMD, the average period - 12.3 years, the average interest rate - 10%. The Government covers 2% of this sum in Yerevan and 4% in marzes.
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