Monday, May 7 2012 20:34

Armenian Development Bank offers mortgage loans without prepayment


ArmInfo. The Armenian Development Bank offers a new loan to its customers - a mortgage loan without prepayment, the press service of the Bank told ArmInfo.

According to the source, the given loans are meant for any citizen of Armenia, who has reached the age of 18 years. The new mortgage loan gives the customers an opportunity to acquire property without any prepayment, if the customers present additional collateral. The customers receive a loan worth 100% of the property value, and the maximum amount of the loan is up to 100 mln AMD or its foreign exchange equivalent. The loans are provided for 10 years at 12-18% p.a. The value of the additional collateral (property) is to be at the most 60% of the housing acquired.

According to the Ranking of Armenian Banks by ArmInfo, as of 1 April 2012 the loan portfolio of the Armenian Development Bank totaled 27.5 bln AMD (76.9% y-o-y growth, 12.2% growth over Q1). In the structure of the loan portfolio, 39.7% or 10.9 bln AMD were personal loans (96.2% y-o-y growth, 11.8% growth over Q1). The mortgage portfolio of the Bank grew by 77.2% to 3.9 bln AMD or $9.9 mln (more than 14% of the loan portfolio) by 1 April 2012. It should be noted that in 2008 Unibank was the first in the banking market to offer mortgages without prepayment (against additional collateral). Later on, since November 2011 Ameriabank has started providing mortgages against additional collateral with a very low prepayment (5%). The Armenian Development Bank joined this list about a month ago.

To note, Rouben Hayrapetyan, Armenian MP, President of the Football Federation of Armenia, owns 19.98% of shares of the Armenian Development Bank.
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