Wednesday, October 18 2017 14:27
Karine Melikyan

Converse Bank reduced the rate and extended the maturity of mortgage loans

Converse Bank reduced the rate and extended the maturity of mortgage loans

ArmInfo. Converse Bank, which is leading in Armenian banking system for mortgage lending, has improved the terms of the loans provided under the Affordable Housing for Young Credit program. As ArmInfo was explained in the press service of the Bank, the maturity is extended to 20 years, and the annual interest rate is set at 8.5%. Moreover, the specified interest rate is applicable throughout the territory of Armenia.

According to the source, according to the state program "Affordable Housing for Young People", the mortgage interest rate for real estate purchase in Yerevan is subsidized by 2%, and in regions - by 4%. The maximum size of the mortgage loan under this program is 17.5 million drams.

"Converse Bank attaches particular importance to providing young families with maximum access to credit, introducing attractive products on acceptable terms, regularly speaking with profitable offers.The lowering of the interest rate under the program" Affordable Housing for Young People "will allow a greater number of young families to solve the housing issue on affordable mortgages," - said the head of the lending department of Converse Bank, Taron Hovsepyan.

In parallel, Converse Bank revised the interest rate on mortgage microcredits refinanced by the National Mortgage Company, setting it at 12% per annum, compared to the previous 13%.

According to the Financial Rating of   Armenian Banks as of July 1, 2017, Converse Bank holds the 2nd position in terms of mortgage lending - 23.3 billion drams or $ 48.5 million, with annual growth of 16.3%, but only for the first half of the year. in - by 12.6% (including 9.7% for the II quarter). In the total loan portfolio of the Bank, the share of mortgages is 16.4%, while in the total mortgage loans of the banking sector, the share of Converse Bank is 12%. The Bank increased the volume of consumer loans by 31.5% to 37.6 billion drams, the share of which in the bank's loan portfolio exceeded 26%. Retail loan portfolio of Converse Bank is 61.2 billion drams or $ 127.4 million, with an annual growth of 25%, but only for the first half of this year. - by 17% (including 11.4% for the II quarter). In the total loan portfolio of the Bank, retail accounts for 43%, while in the total retail loans of the banking sector, the share of Converse Bank reaches 8%. The Bank increased its lending income by 24.5% per annum. The first half of 2017, Converse Bank completed with a net profit of 1.5 billion drams, with an annual growth of 53.1%.

It should be noted that Converse Bank has been operating in the Armenian market since September 1996.  The Bank's shareholders are Advanced Global Investments LLc (hand-Eduardo Ernekian) - 80.94%, HayPost Trust Management B.V. - 14.06%, the Cathedral of the Mother See of Etchmiadzin - 5%.

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