Armenian Development Bank introduces mortgage loans with no prepayment

08.05.2012 14:07
Armenian Development Bank introduces mortgage loans with no prepayment

YEREVAN, May 8. /ARKA/. The Armenian Development Bank says Tuesday it introduces a new mortgage loan with no prepayment.

Any citizen of Armenia who is at least 18 years old is eligible to receive the loan.

“The clients will now be able to buy any realty through the new mortgage with no prepayment with additional collateral ,” the source says.

The loan covers 100 % of the realty cost and amounts to total of 100 million drams or equivalent.

These loans are given for 10 years at 12-18% annual rate.

The cost of the additional collateral (real estate) should make maximum 60% of the mortgage realty’s cost .

The Armenian Development Bank was established in 1990. Prior to 1996 it operated as Bank of Reconstruction and Development. Its shareholders are Ruben Hayrapetyan – 19.98%, Ara Mehakyan – 16.95%, Grigor Termenjian – 16.03%. ($1 – 392.13 drams).-0-


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