YEREVAN, November 18. /ARKA/. Armenia-based Ameriabank said in addition to mortgage loans with flexible terms extended for purchase of apartments, residential houses, commercial real estate, land plots and home repair, it offers three new types of mortgage loans. In particular, the bank offers deposit-secured mortgage loans, ‘which inspires confidence in the borrower.’

"If a borrower has financial difficulties in future, the loan may be repaid by deposit funds. In this case, the amount of advance payment for the purchase of real property is placed as a deposit in the bank and registered as a pledge or the existing deposit is registered as a pledge," the bank said.

Deposit of a third party may also be registered as a down payment pledge, while the property to be bought is registered as a pledge for the rest of the loan. The depositor is to dispose of the money on the deposit only after paying the down payment.

According to Ameriabank press release, the second type of mortgage loan is designed for people who want to buy property abroad or in outside Yerevan, where Ameriabank has no branches. In this case the pledge is a property located in Yerevan and other regions where the bank has branches.

And the third type of the new loan secured by additional collateral is designed for people who do not have sufficient savings to pay the advance payment, but have a steady income and additional collateral in the form of property. The advance payment for all three types is set at 5%. -0-