ArmInfo.ARARATBANK has revised interest rates on mortgage loans. As the press service of the bank reports, starting from July 31, mortgage loans will be provided at an interest rate lower than the current one by 1 percentage point. In particular, the interest rates on AMD mortgage loans will start from 10%, with the maturity - up to 20 years.
According to the source, the interest rates within the "Affordable Housing for Young People" program also decreased: from July 31, 2018 interest rates will be 8%, of which 2% are subsidized in case of mortgage loan registration in Yerevan, and 4% - in the regions of Armenia.
According to the Financial Rating of Banks of Armenia prepared by ArmInfo as of April 1, 2018, ARARATBANK was in the TOP-5 by the amount of mortgage loans - 16.5 billion drams ($ 34.4 million) with y-o-y growth of 6.6%. In the total loan portfolio of the Bank, the share of mortgage loans is 13%, and in the total mortgage loans on the market, the share of ARARATBANK reaches 7.7%.
To recall, "ARARATBANK" OJSC has been operating since November 2005. The majority shareholders of the bank on April 1, 2018 are one of the largest oil traders in Armenia - Flash company with a 72.73% stake in the capital, Barsegh Beglaryan (famous entrepreneur, the head of Flash) - 18.33%, Rural Impulse Fund II (part of the Belgian Incofin Investment Management - Incofin IM) - 8.58%.
