Armenian development bank intends to offer new mortgage lending instrument soon

22.02.2012 21:42
Armenian development bank intends to offer new mortgage lending instrument soon

YEREVAN, February 22. /ARKA/. Armenian Development Bank is going to offer soon a new mortgage lending instrument to the market, Karen Sargsyan, chairman of the bank’s board, said Wednesday in Novosti International Press Center.

Explaining the essence of the new instrument, he said that clients will get an opportunity to formalize their mortgage loans without prepaying 30% of the amount of the loan.

“Very often people can’t afford to pay 30% in advance to get 70% of the loan,” he said. “That is why we have worked out an instrument that makes it possible to borrow money without any prepayment.”

Such loans will be extended for 10 years.

Armenian Development Bank started functioning in 1991. The bank has 75 shareholders, 40% of which are nonresidents. Residents hold 52% of the bank’s capital, and 48% belong to nonresidents.

There are 13 legal entities among the shareholders. Toe of these legal entities are international organizations.

The bank has shareholders in the United States, Russia, France, Germany, Italy, Canada, Spain, Sweden, Australia and Brazil. -0---


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