VTB Bank (Armenia) significantly reduces mortgage rates

ArmInfo. In order to improve  the terms of the products and services provided to its customers, VTB  Bank (Armenia) decided to significantly reduce annual interest rates  on AMD mortgage loans, thus making mortgage loans available to a  wider segment of customers.

As the press service of the bank reports, from August 1, 2018 in VTB  Bank (Armenia) it is possible to Issue a dram mortgage loan for the  purchase or construction / repair of real estate at a 2% interest  rate reduced from 10.4%. There is also the best on the market  condition of the initial installment - from 3%.

In VTB Bank (Armenia), it is also possible to obtain a loan under the  "Affordable Housing for Young People" mortgage program, within which  the interest rate for customers from the regions of the RA starts  from 3.5%, and for clients from Yerevan - from 5.5% .

The mortgage loan of VTB Bank (Armenia) is provided to RA citizens  and RA residents. The borrower's age at the time of receiving the  loan should not be less than 21 years, and at the time of repayment  the loan should not exceed the age of the borrower's retirement.

To obtain a mortgage loan, VTB Bank (Armenia) requires a minimum  package of documents. Preliminary decision to grant a loan is  accepted within 2 working days.

Detailed information on the terms and rates of mortgage loans can be  found in the branches of VTB Bank (Armenia), on the website  www.vtb.am, and also by calling the Unified Information Service of  the Bank at 87-87.  According to the Financial Rating of the Armenian  Banks as of April 1, 2018, VTB Bank (Armenia) for the mortgage  portfolio is included in the TOP-10 with a volume of 11.8 billion  drams or $ 24.5 million. In the total loan portfolio of the Bank,  mortgage loans account for 7% , and in the total mortgage loans of  the banking sector the share of VTB Bank (Armenia) reaches 5.5%. On  the portfolio of retail loans, VTB Bank (Armenia) is included in  TOP-3 with a volume of 92.9 billion drams or $ 192.7 million, which  is 11% of total retail loans of the market and about 55% of the  bank's loan portfolio. In the annual context, the bank increased its  retail loan portfolio by 18.4%.

To note, "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 one of the leaders of the banking system of  the Republic of Armenia in terms of key indicators.  The branch  network of VTB Bank (Armenia) traditionally leads, covering 67 units  with presence both in the capital and in all regions of the country.