Friday, January 18 2019 13:23

ArmInfo. Ardshinbank offers mortgage lending on favorable terms. As the press service of the bank told ArmInfo, within the framework of the program "Affordable Housing  for Young Families", mortgage loans are provided on a prepayment  basis from 10% (instead of the previously existing 30%), without  requiring additional collateral. For the remaining 10-20% unpaid  prepaid insurance is provided, and the bank assumes these costs,  instead of the client.According to the source, within the framework  of the program "Affordable Housing for Young Families", clients can  receive a mortgage loan of up to 24 million drams, if the cost of the  real estate purchased does not exceed 30 million drams. The loan  repayment period has been increased to 20 years from the previous 15  years. 

The interest rate is 7.35% per annum (the actual rate - starting at  8.04%), and with state subsidies and if the property is owned by the  bank - starting at 2.35% (the actual rate - starting at  2.87%).Moreover, buying an apartment in the primary market in a  mortgage, the amount of income tax is returned to the borrower.   Under this program, the threshold of the total age of spouses has  also been raised to 70 years from the previous 65 years.Ardshinbank  also provides other loans for the purchase of housing on a prepayment  basis from 5%, in the amount of up to 100 million drams and with a  maturity of up to 20 years.For more information on the terms of  mortgage lending under the program "Affordable Housing for Young  Families", please refer to https://goo.gl/kPPYR9, or by calling the  24-hour center at (012) 22-22-22.

According to the Financial Rating of Banks of Armenia as of October  1, 2018, prepared by ArmInfo IC, Ardshinbank is in the TOP-3 in terms  of mortgage loans - over 33 billion drams ($ 68.4 million) or 14.03%  in total mortgage loans of the banking system. In the loan portfolio  of Ardshinbank, the share of mortgage exceeds 7%. The absolute value  of the Bank's mortgage loans increased annually by 15.5%. 9 months of  2018 Ardshinbank completed with a net profit of 4.7 billion drams,  increasing this figure in annual terms by 6.4%.Note that Ardshinbank  was founded in 2003. The major shareholders of Ardshinbank as of  October 1, 2018 are Arins Group LLC (this is renamed OOO Business  Investment Center) with a 67.97% share in the capital and REGION  Industrial Finance Corporation CJSC - 29.52%. Ardshinbank is the  second largest bank in Armenia, having one of the largest branch  networks, consisting of 64 subdivisions.  Ardshinbank is the only  private institution in Armenia that has been assigned ratings by two  international rating agencies (Moody's and Fitch), equal to the  country rating of Armenia.