YEREVAN, November 16. /ARKA/. As part of cooperation with SIL Insurance company VTB Bank (Armenia) said today it will be providing mortgage loans with low down payment for young people involved in the government-backed Housing for Young Families program. The bank said in a press release that the down payment will be insured by SIL Insurance company.

According to the bank, this type of insurance will allow to cut the prepayment amount to 10%, and the borrowers will not be obliged to mortgage their houses. Until now, low prepayment as part of this program was possible only on condition that the house was to be mortgaged as additional collateral.

The bank said the insurance premium is 2% per annum, calculated as difference between the minimum required prepayment and the actual prepayment that the client is ready to make, and is paid by the client at the time of receiving the loan.

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Tags: lending program, SIL Insurance, VTB Bank (Armenia)

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The Central Bank of Armenia has qualified Armeconombank OJSC and SIL Insurance CJSC as a financial group – SIL Multifunctional Financial Group

Categories: Banks @en @en, General news, Insurance market, News, News of the hour, Новости | Comments Off on Armeconombank and SIL Insurance recognized by central bank as joint financial group

Tags: ARMECONOMBANK, Armenia, financial group, SIL Insurance

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