The loan is provided at full-service branches of the Bank.

Fees payable

Tariffs for provision of statements, references and other information

Dear Customer, the ratings and the number of inquiries generated as a result of your loan applications may affect your overall credit rating in the Scoring systems.

Preliminary documents
Buyer

• Originals and copies of passport and social security card
• Copy of marriage certificate (divorce certificate, spouse's death certificate)
• Copies of passports, social security cards, birth certificates of family members, potential co-borrowers
• Reference from workplace (template attached)
• Reference on source of additional income
• Reference from actual place of residence
• Reference on personal tax account*
• Renovation work estimates
• Copies of certificate(s) of ownership of the property (if any) owned by the Buyer and potential co-borrowers
• Other documents upon credit officer’s request

Seller

• Copies of passports, social security cards, birth certificates of apartment owners and persons residing in the apartment and members of their families
• Copy of marriage certificate (divorce certificate, spouse's death certificate)
• Original and copy of certificate of ownership of the property for sale
• Grounds for title to the property
• Reference on persons registered in the apartment for sale
• Other documents upon credit officer’s request

Documents required upon loan approval

Buyer

• Accident insurance contracts for property, buyer and potential co-borrowers
• Real estate appraisal report
• Other documents upon credit officer’s request

Seller

• Reference from the State Committee of Real Estate Cadaster on encumbrances of real estate (property clearance reference)
• Other documents upon credit officer’s request

* The document shall be submitted as necessary and requested by credit officer.

Form of Application for mortgage loan under housing finance

• A lending decision shall be made within a maximum of 7 working days following the entry of required documents.
• The borrower shall be notified of the decision of the authorized body on the loan within one day.
• Once the decision is made, the loan package shall be compiled and loan granted within a maximum period of 15 working days. In case the loan is not provided within the mentioned period, the decision of the authorized body shall be considered void. If reviewed, the decision shall be submitted to the authorized body for re-consideration.
• In cases of non-compliance with the terms of the loan agreement, penalty on past-due principal and interest shall be applied, as well as the matter may be addressed in judicial or non-judicial proceedings. 
• If you choose to activate the SMS-notification service, you will receive information on monthly repayment or loan maturity date. The cost per SMS-notification is AMD 30. Activation of the service is FREE.

Loan Application will be approved if:

1. The package of documentation and the loan application are complete.
2. The Borrower has no overdue or classified liabilities (except for redeemed guarantees) and the total number of days of delay in repayment does not exceed 30 days within the past 12 months prior to the submission of loan application.
3. The ratio of the sum of monthly loan repayments to the Borrower’s (Co-Borrowers’) net income does not exceed 35%. The ratio of the sum of monthly loan repayments and other long-term monthly expenses (payments on other loans, alimony, tuition, rent, etc.) to the Borrower’s (Co-borrowers’) net income does not exceed 45%.
4. The appraised value of the Collateral(s) meets the requirements.
5. The Borrower’s and Co-borrower’s revenues meet the requirements.
6. The loan application has been approved by the body authorized to take loan decisions within the Bank.

Loan application will be rejected if:

1. The customer fails to submit the required documents,
2. The inquiry made to the CBA Credit Registry has shown that the potential Borrower and/or Co-borrower had classified liabilities and/or late payment of at least 30 days past due within past 12 months prior to the inquiry,
3. The appraised value of the Collateral(s) is insufficient,
4. The Borrower’s and Co-borrower’s revenues are insufficient,
5. The Borrower and Co-borrower submit false documents and/or information,
6. The basis for rejection of loan application is available in the credit history database and has not been rectified,
7. The loan application has been rejected by the body authorized to take loan decisions within the Bank,
8. The loan has been approved, yet the customer has failed to present itself or the documents required within 15 days upon approval. 

Where overdue liabilities are executed, repayments shall be made in the following order:

• Penalties and fines (if any)
• Interest
• Principal

Your property (house, vehicle, or other) may be confiscated in the manner prescribed by law where you fail to repay your interests and principal in time.

Where you fail to perform your loan obligations, the loan security, as well as other property of the borrower if the loan security is insufficient, may be seized and sold in a court or out-of-court procedure both through direct sale and public auction.

Where you fail to perform your obligations either fully or partially, the Lender shall send the data within a three-day period to the credit bureau, where your credit history is generated. You shall have the right to obtain your credit history from the bureau once a year for free. Attention: A bad credit history may hinder lending in the future. 

In the event of non-compliance or partial compliance of the borrower with its credit obligations, fines and penalties shall be imposed in accordance with the Loan Agreement.

“Your financial directory” is an electronic system which facilitates the search, comparison and selection of the best options in the services offered.

You have the right to communicate with the financial institution by any convenient way - by post or e-mail. Receiving information electronically is the most convenient option. It is available 24/7, free from the risks of loss of paper information and ensures privacy.

The bank may request additional documents or other information based on the "Know your customer" principle, as well as ask additional questions during oral communication, for the purpose of due diligence of the customer defined by the RA Law "On Combating Money Laundering and Terrorist Financing". 

In accordance with the agreement signed with the USA based on the Compliance Act (FATCA), the financial organization may collect additional information to determine whether you are a US taxpayer.

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