YEREVAN, March 2. /ARKA/. Armenian ArmSwissbank will finance purchase and repair of its clients’ immovable property under its agreement with National Mortgage Company, the bank’s press office told ARKA News Agency.

“The agreement will enable ArmSwissbank to enlarge mortgage lending, offering its clients competitive conditions for purchasing apartments, houses and land plots,” the pres office said.

This program implies extension of loans for up to 15 years at annual interest rates ranging between 11% and 14%.

Prepayment will be equal to 30%. The bank can also lend money with no prepayment, if borrowings are secured with other collaterals.

Loans can be extended in both drams and dollars.

ArmSwissbank was registered on November 22, 2004 with 100% Swiss capital.

On February 25, 2005, the bank got its license from the central Bank of Armenia.

National Mortgage Company was established on June 16, 2009.

According to ARKA News Agency’s data, the company’s assets totaled AMD 10.3 billion and liabilities AMD 4.6 billion in late December 2010.

Its total capital amounted to AMD 5.8 billion and net profit for 2010 amounted to AMD 238.3 million.-0---