Ardishinbank improved mortgage loan conditions for Affordable Housing for Young Families program

ArmInfo.Ardishinbank has improved the conditions of mortgage loans under the "Affordable Housing for Young Families" program. As the press service of the bank explains, the requirement for the total age of spouses has changed, the size of the prepayment has decreased and the maximum credit limit has increased.

Henceforth, the total age of spouses should not exceed 70 years.  There is no requirement for additional collateral. Provides insurance at least 7.5% of the size of the prepayment in the case of buying real estate in the primary market, and 10% - when purchasing in the secondary market. The maximum loan amount when buying real estate in the primary market is set at 27.750 million drams, and in the secondary market - 22.5 million drams.

According to the source, the maturity of Ardshinbank's mortgage loans under this program is 20 years, and the y-o-y interest rate is 7.35% ( the actual interest rate starts at 8.04% per annum). When state subsidies or purchase of real estate from the property of the bank, the interest rate is reduced to 2.35% ( ranging from 2.87%).  Moreover, in the case of buying real estate in the primary market, the borrower will be given the opportunity to return income tax.

More detailed information on mortgage loans under the program <Affordable Housing for Young Families> can be found at https://goo.gl/kPPYR9, or by calling (012) 22-22-22

According to the Financial Ratings of Banks of Armenia, as of January 1, 2019, prepared by ArmInfo IC, Ardshinbank is in the TOP-3 in terms of mortgage loans - 34.8 billion drams ($ 71.9 million) or 13.2% in total mortgage loans of the banking system. In the loan portfolio of Ardshinbank, the share of the mortgage is about 8%. The absolute value of the Bank's mortgage loans increased y-o-y by 9.4%. 2018 Ardshinbank completed with a net profit of 8.2 billion drams (2nd position in the market), increasing this figure in the y- o-y terms by 48.6%.

To note, Ardshinbank was founded in 2003. The major shareholders of Ardshinbank as of October 1, 2018 are Arins Group LLC (this is renamed Business Investment Center LLC) with a 67.97% share in the capital and REGION Industrial and Financial Corporation CJSC - 29.52%. Ardshinbank is the second largest bank in Armenia, having one of the largest branch networks, consisting of 64 subdivisions.  Ardshinbank assigned ratings of two international rating agencies (Moody's and Fitch), equal to the country rating of Armenia.