VTB Bank Armenia launched new mortgage product with a prepayment of only 3%

ArmInfo. VTB Bank (Armenia), taking into account the development of the mortgage market and the needs of customers, launched a new mortgage product with the option to purchase real estate with a prepayment of only 3%. As the press service of the Bank told ArmInfo, this product acts both for the secondary market and for real estate purchased from developers even in case of unfinished construction.

According to the source, in the new approved product, interest rates have also been lowered for other mortgage products, and clients can receive mortgage loans with a rate of 10.5% (under the program "Housing for young" - from 4.5%). Along with this, lending amounts have been increased to 80 million AMD.

The Bank accepts the decision to provide mortgages as soon as possible - 2 working days. A minimal package of documents is required to consider an application for a loan. During the entire term of the loan, the Bank insures real estate and personal insurance of the borrower.

Detailed information on the terms and rates of mortgage lending by VTB Bank (Armenia) can be obtained at the Bank's branches, at www.vtb.am, and at the Unified Information Service of the Bank at 87-87.

According to the Financial Rating of Armenian Banks as of September 30, 2017, the VTB Bank (Armenia) for the mortgage portfolio is included in the TOP-5 with a volume of 13.4 billion AMD or $ 28 million. In the total loan portfolio of the Bank, mortgage loans account for 8%, and in the total mortgage loans of the banking sector the share of VTB Bank (Armenia) reaches 7%. On the portfolio of retail loans, VTB Bank (Armenia) is included in the TOP-3 with a volume of 83.8 billion AMD or $ 175.3 million, representing 11% of total retail market loans and over 48% of the bank's loan portfolio. In the annual section, the bank increased its retail loan portfolio by 7%, and only in the third quarter - by 5%.

"VTB Bank (Armenia)" CJSC became a participant of the international financial group VTB in April 2004.  At present, VTB Bank, the second largest bank in Russia, owns 100% of VTB Bank (Armenia). The Bank is traditionally one of the leaders of the banking system of the Republic of Armenia in terms of key indicators. The coverage of the branch network of VTB Bank (Armenia) has 67 branches with presence not only in the capital, but also in all regions of the country.