ARARATBANK revised interest rates on mortgage loans

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%.