YEREVAN, September 3. /ARKA/. The Yerevan-based VTB Bank (Armenia) said today it has launched a new program designed for refinancing / repurchasing mortgage loans from other banks and credit institutions.

According to the Russian-owned bank, the program has a number of advantages. More precisely, customers are able to reduce the loan’s interest rate, to change its currency and to prolong the repayment period. As a result, customers ease their monthly financial burden and streamline the cost of loan repayment.

The bank said in a press release that all customers who repay their mortgage loans in good faith in any bank or credit institution of Armenia are given the opportunity to refinance / transfer them to VTB Bank (Armenia), to receive a new mortgage loan in the amount of the remaining credit at the most favorable terms and through a facilitated process.

Mortgage loans at VTB Bank (Armenia) will be refinanced on improved terms: the annual interest rate starts from 10.9%, the repayment term is up to 30 years, the loan amount is up to AMD 80 million. The decision is made in one and a half days and the client's income is not analyzed. For refinancing a mortgage loan, VTB Bank (Armenia) requires a minimum package of documents.

More detailed information about this product can be found at the bank's branches, at its website at www.vtb.am, or by calling 87-87.

"VTB Bank (Armenia)" CJSC became a participant of the international financial group VTB in April 2004. Currently, VTB Bank, the second largest in Russia, owns 100% of VTB Bank (Armenia). The bank runs 67 branches in Armenia. -0-