Thursday, March 3 2011 12:38
ArmSwissBank and National Mortgage Company UCO sign an agreement on refinancing mortgage loans
ArmInfo. ArmSwissBank and National Mortgage Company UCO have signed an agreement on refinancing of mortgage loans provided by the bank for housing acquisition and repair.
The press service of ArmSwissBank told ArmInfo that the agreement will give an opportunity to the bank to increase the portfolio of mortgage loans against 0.7 bln AMD as of 1 Jan 2011 with 15% annual growth and offer competitive terms for construction and repair of flats and private houses.
The given program envisages crediting the purchase and repair of flats and private houses, as well as purchase of land plots on the following terms: up to 15 years of redemption period, interest rate ranging from 11% to 14%, 30% minimal prepayment (zero prepayment is possible in case of other pawn). The loans will be provided in both AMD and USD.
To note, ArmSwisBank mostly specializes in investment banking. The sole shareholder of the bank is Vardan Sirmakes (Switzerland).