Friday, July 27 2018 23:04

Ardshinbank cut interest rates on mortgage loans

Ardshinbank cut interest rates on mortgage loans

ArmInfo. Ardshinbank reduced  interest rates on mortgage loans refinanced by the National Mortgage  Company. As the press service of the Bank reports, AMD mortgage loans  in Ardshinbank will be available at an interest rate starting at  7.95% per annum (the annual effective interest rate starts at 9.02%).

In particular, interest rates on loans for repair and construction of  residential real estate also decreased. Meanwhile, the bank offers  more favorable interest rates, if the property being repaired or  under construction is located outside of Yerevan, or is energy  efficient. Moreover, these mortgages can be granted with a maturity  of up to 35 years.

According to the source, the Bank offers flexible conditions for  obtaining mortgage loans, depending on the amount of prepayment, the  loan amount and the maturity date, based on which the interest rate  is determined.

To obtain a loan, you must apply to any of the bank's branches,  present a document confirming the identity and social card.

More detailed information can be obtained on the official website of  the bank, or by calling the 24-hour inquiry service at (012) 222222.

According to the Financial Rating of Armenian Banks as of April 1,  2018, prepared by IC ArmInfo, Ardshinbank maintains leadership in the  mortgage lending market - 31.4 billion drams ($ 65.4 million) or 14,%  in total mortgage loans of the banking system. In the loan portfolio  of Ardshinbank, the share of mortgage in the annual section remained  at the level of 8%. The absolute value of mortgage loans increased by  13.4% year-on-year. Ardshinbank is included in the TOP-3 by the main  balance indicators: total capital - 66.7 billion drams (annual growth  of 9.8%), assets - 557.8 billion drams (annual growth of 4.6%),  credit investments - 412.3 billion drams (annual growth of 14.1%). In  the first quarter of 2018, Ardshinbank completed with a net profit of  2.2 billion drams, having increased this indicator by 76.3% per  annum.

To note,  Ardshinbank was founded in 2003. The majority shareholders  of Ardshinbank as of January 1, 2018 are Arins Group LLC (this is  renamed the Business Investment Center LLC) with a 67.97% interest in  the capital and 29.52% in the REGION Industrial and Financial  Corporation CJSC. Ardshinbank is the second largest bank in Armenia,  having one of the largest branch networks, consisting of 64  divisions.  Ardshinbank is the only private institution in Armenia  that has been assigned ratings of two international rating agencies  (Moody's and Fitch) equal to Armenia's country rating.

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