Friday, June 16 2017 18:06

ArmInfo. For Jan-May 2017 Converse Bank significantly increased the mortgage portfolio on the program Affordable Housing for Young People (HYPP) by 29.7%. At the same time, the volumes of energy efficiency crediting and the mortgage portfolio within the framework of cooperation with the National Mortgage Company (NMC) increased by 15.5% and 9.1% respectively. As the Bank's press service explained ArmInfo , such growth in lending could be achieved through the use of competitive conditions.

Particularly, within the HYPP program, the credits  are issued in maximum amount provided - up to 17.5 million AMD, for up to 15 years and for annual interest rate of 9%, 2% of which are subsidized in Yerevan and 4% in the districts . Within the framework of cooperation with the NMC, loan terms are as follows: the maximum loan size is up to 25 million AMD, the maximum maturity is up to 20 years, the rate is 11% per annum.

According to the source, lending on  the housing finance program of the NMC provides an opportunity to improve housing conditions, move to energy savings through the insulation of the apartment, and purchase household appliances of energy-efficient class (above class A +).

According to the Finance Rating of Armenian Banks data, for April 1 2017, prepared by ArmInfo, Converse Bank  holds the 2nd position by the volume of mortgage loans - 21.3 billion AMD ($ 44 million) or 16% of the total loan portfolio of the bank. Converse Bank's share in total mortgage loans of banks exceeds 11%. The rate of annual growth in the mortgage portfolio accelerated from 0.2% to 4.7%, with the main growth (2.7%) in the first quarter of this year. Converse Bank has been operating in Armenia since September 1996. As of January 1, 2017, the Bank's shareholders are Advanced Global Investments LLc with a stake of 80.94%, HayPost Trust Management B.V. - 14.06% and the Cathedral of the Mother See of Etchmiadzin - 5%.