Converse Bank decreases interest rates on certain types of mortgage  loans

ArmInfo.  Converse Bank reduced interest rates for loans under the "Affordable Housing for Young People" program, and loans refinanced by the National Mortgage Company. This was reported by the Bank's press service.

"Taking into account the importance of creating better credit  conditions for young families and the introduction of affordable  products, Converse Bank has again revised interest rates on loans  under the" Affordable Housing for Young People. "From now on, under  this program, the Bank will lend at an annual interest rate of 7, 5%,  of which 2% will be subsidized in Yerevan, and 4% in the oblasts - at  the same time, additional monthly payments for servicing the loan  will not be levied," the Bank reported.

According to the source, from now on, loans for the purchase, repair  and construction of housing, refinanced by the National Mortgage  Company, will be provided in Yerevan at an annual interest rate of  11%, and in regions - 10%. Energy efficient loans for the purchase,  repair and construction of housing in Yerevan will be provided at a  rate of 10%. Additional monthly service charges will not be levied on  these loans either.

According to the Financial Rating of Armenian Banks as of April 1,  2018, Converse Bank is included in the TOP-3 by the volume of  mortgage loans - 29.04 billion drams ($ 60.5 million) with an annual  growth of 36.6%. The share of Converse Bank in the total volume of  mortgage loans by the market is 13.5%, and in its own total loan  portfolio - 17.8%.

Converse Bank has been operating in the Armenian market since  September 1996. The Bank's shareholders are Advanced Global  Investments LLc (hand-Eduardo Ernekian) - 80.94%, HayPost Trust  Management B.V. - 14.06%, the Cathedral of the Mother See of  Etchmiadzin - 5%. The Bank's branch network has 34 branches, out of  which 13 are located in Yerevan, 20 - in the regions of Armenia and 1  - in the NKR.