ArmInfo.Once again, VTB Bank (Armenia) improved the conditions of mortgage loans by lowering interest rates and increasing the availability of real estate acquisition for its clients. ArmInfo was informed about this in the press service of the bank.
VTB Bank (Armenia) offers its customers to use the following favorable annual interest rates: for the purchase of housing- 8.9% -13.7%, and for repairs / construction - 9.3% -12.1%. The effective interest rate is set in the range of 10.2% -15%. The main conditions of mortgage loans: prepayment starting from 3%; the minimum repayment period is 3 years, and the maximum - up to 30 years; loan amount - from 1 million to 80 million drams.
To obtain mortgage loans at VTB Bank (Armenia), a minimum package of documents is required. A preliminary decision on a loan is made as soon as possible - within 1.5 business days. More details about the conditions for obtaining a mortgage loan can be found on the Bank's official website by following the link: https://www.vtb.am/ru/credits#hip-ot-ek#, at the Bank's branches and in the Contact Center at 87- 87. According to the Financial Rating of the Banks of Armenia as of December 31, 2019 prepared by ArmInfo IC, the mortgage portfolio of VTB Bank (Armenia) amounted to 15.7 billion drams or $ 32.8 million, increasing by 25.3% year on year, and in Q4 alone-19.2 % In the loan portfolio of VTB Bank (Armenia), the share of mortgages exceeds 7.3%, and the bank covers more than 4% in the total volume of mortgage loans in the market. In 2019, VTB Bank (Armenia) ensured an increase in retail lending by 25.4% to AMD 168.6 billion ($ 351.4 million) or 78.6% of the total loan portfolio of the bank.
It should be noted that VTB Bank (Armenia) CJSC became a member of VTB International Financial Group in April 2004. Currently, the second largest VTB Bank PJSC in Russia owns 100% of the shares of VTB Bank (Armenia). The Bank traditionally ranks among the leaders of the banking system of the Republic of Armenia in terms of key indicators and holds the lead in terms of coverage of the branch network.