YEREVAN, October 15. /ARKA/. VTB Bank (Armenia) has unveiled today preferential terms for the purchase of real estate in the Komitas Park multifunctional residential complex in the administrative district of Arabkir in the capital Yerevan.

The bank said it began accepting applications for mortgage loans for the purchase of housing directly from the developer under a government program designed for civil servants, providing them with the right to use their  income tax to cover interests on mortgages.

Clients who, as a result of the draw, have received the right to purchase apartments in the Komitas Park residential complex, which is under construction now, can contact the Mortgage Lending Center or any branch of VTB Bank (Armenia). A personal manager will organize the entire lending process, providing comprehensive and comfortable customer service.

For each apartment of the residential complex, at least one parking space is provided in the underground parking, which, under the program, is considered a single real estate together with the purchased apartment, and under the mortgage loan agreement also provides for the return of income tax to cover interest on the mortgage.
The bank issues a loan for the purchase of apartments starting from only 10% down payment, at an annual interest rate of 10.3 - 12.6% (effective rate is 11.6% - 13.4%). The minimum loan amount is 1 million, the maximum is 200 million drams, the repayment period is from 3 to 30 years.

The bank also insures the acquired property and the borrower for the entire term of the loan. To obtain a mortgage loan, a minimum package of documents is required. A preliminary decision on lending is made within 1.5 working days.

According to Tatevik Badalyan, Retail Business Development Director at VTB Bank (Armenia) CJSC, mortgage lending is one of the most popular ways to purchase housing in Armenia, especially in the capital and in those regions of the country where housing is more expensive.

“This allows our clients not to postpone the purchase of real estate and to resolve the housing issue in the near future. We are constantly improving the terms of  mortgage lending, developing a product line and  new opportunities for fruitful cooperation with the country's leading developers. After a difficult 2020, the mortgage market is recovering faster than other segments of consumer lending, and VTB Bank (Armenia), as one of the leaders in this sector, has also resumed intensive growth in the mortgage business: in the first 3 quarters of 2021, our mortgage portfolio grew by 25%,"  she said.

Detailed information on the terms  for buying real estate on credit under the state program in the Komitas Park residential complex is available on the official website of VTB Bank (Armenia), at the Mortgage Lending Center or by calling the Contact Center at 87-87, as well as here.

The activities of VTB Bank (Armenia) CJSC are regulated by the Central Bank of the Republic of Armenia. ($ 1 - 478.42 drams) -