Mortgage evening in Yerevan: ARARATBANK has gathered participants of the mortgage market of Armenia

ArmInfo. Yesterday in  ARARATBANK for the first time a mortgage evening was held, during  which participants of the mortgage market of Armenia, from potential  borrowers and ending with the companies-developers met at one site.

"We have decided to create a platform where we will be able to unite  the specialists of the mortgage market, real estate developers,  intermediary companies engaged in real estate and potential buyers."  ARARATBANK has all the tools for financing the mortgage market of  Armenia, "said Ashot Osipyan, Executive Director of ARARATBANK.

He stressed that this initiative is aimed at increasing the awareness  of citizens about those mortgage products that the Bank is offering  today. Moreover, as the head of ARARTBANK noted, during the mortgage  evening, potential borrowers will have the opportunity at one site to  receive answers to all their questions and see the house of their  dreams.

The event was attended by 9 developer companies and about 15 real  estate agencies. "ARARATBANK is the bank that forms a culture. You  see that there is very much interest in today's event, both from  citizens and developers, many of whom are not partners of the bank. I  am confident that the mortgage evening will become a traditional one.  In particular, we plan to conduct it twice a year, and in the future  it will be possible to move to an electronic platform, "A. Osipyan  said.

He said that today the mortgage portfolio of ARARATBANK exceeds 17  billion drams, and the number of borrowers reaches about 1,500.  Interest rates on mortgages range from 8-13%, maturity - up to 25  years.  Answering the question of ArmInfo,  Osipyan noted that by the  end of this year the Bank intends to increase the mortgage portfolio  to 20 billion drams due to new projects and borrowers. "A lot of  applications are currently under consideration in the Bank, we are  very conservative in the matter of their analysis, but I hope that we  will be able to find our partners," the banker explained.  As A.  Osipyan noted, ARARATBANK today provides financing in the primary and  secondary markets, and credits capital repairs. The new mortgage  product of the Bank - the construction of houses for natural persons,  according to him, is already in high demand. "Moreover, within the  framework of mortgage loans in ARARTBANK, a grace period of 2-3 years  is available for clients, but at the same time the client can use  other consumer products of the Bank under the same conditions," he  explained. 

"As one of the leading banks in the mortgage market of Armenia, we  are client-oriented, and we are ready to form appropriate financing  for each of them," A. Osipyan said, stressing that for already 5  years ARARATBANK has been working under the slogan "responsible  financing".

As one of the participants of the mortgage evening in Yerevan was the  real estate agency "Bars". In an interview with ArmInfo, Agency  Director Marina Chatinian noted that within the framework of  long-term cooperation with ARARTBANK, financing of sales of exclusive  agency buildings is ensured. "I am very satisfied with the work of  ARARATBANK, we have been cooperating with them for many years, both  in terms of service and terms of the proposed conditions for  borrowers, I believe that ARARATBANK promotes the development of  Armenia's mortgage market," she said.

All registered for a mortgage evening, it was promised to provide  interest rates on the mortgage lower by 1 percentage point. acting  for today in the Bank.

According to the Financial Rating of the Armenian Banks as of July 1,  2018, prepared by IC ArmInfo, ARARATBANK is in the TOP-5 - 16.7  billion drams ($ 34.6 million) with an annual growth rate of 4.8%.   In the total loan portfolio of the Bank, the share of mortgages is  13%, and in the total mortgage loans on the market, the share of  ARARATBANK exceeds 7.4%.

"ARARATBANK" OJSC has been operating since November 2005. The  majority shareholders of ARARATBANK on April 1, 2018. one of the  largest oil traders in Armenia - Flush 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%.