Refinancing Loans secured by real estate.

Refinancing

Loans  secured  with  real  property

Transfer your loan to “Anelik Bank” CJSC and lighten your credit burden, by receiving better terms of crediting. Your loan on the best terms!         


  • Interest rate
    from 11.5%
  • Maturity
    up to120 months
  • Minimum amount
    1 000 000 AMD
    or
    2 000 USD / EUR
  • Maximum amount
    125 000 000 AMD
    or
    250 000 USD / EUR


The page was updated 22.02.2018 16:07

 Refinancing

Refinancing of loans secured with real property  

 
    

General  terms  and  conditions

1

Annual interest rate

Armenian dram

Interest rate stipulated by point 3 of the Tariffs for “Consumer loan” secured with real estate
 – 1 percentage point

US dollar/EUR

Interest rate stipulated by point 3 of the Tariffs for “Consumer loan” secured with real estate
– 0.5 percentage point

2

 

Target group

2.1. Transfer of existing liability/liabilities secured with movable or immovable property and served at other banks/credit organizations for at least 18 months, with the possibility to increase the amount. 

2.2. crediting of those clients, who had loans secured with real estate and served at other banks/credit organizations for at least 18 months, the final repayment of which was during 6 months preceding the application.

2.3. crediting of those clients, who had loans secured with real estate and served at the Bank for at least 18 months, the final repayment of which was during 6 months preceding the application.

In cases stipulated by points 2.1, 2.2 and 2.3 of these terms:

1)     Re-financing  can  be  effected  on  the  name  of  parties  affiliated  with  the  borrower.  According  to  these  terms  the  affiliated  party  means  father,  mother,  children,  spouse,  sibling  of  the  borrower.  Moreover,  the  Bank  has  the  right  to  request  a  document  confirming  such  affiliation  (such  document  includes  marriage  certificate,  birth  certificate,  etc.). 

2)     “loan  served  at  least  18  months”  can  be  understood  the  aggregate  sum  of  the  terms  of  service  in  different  banks/credit  organizations.

3)     in  the  event  of  transferring  the  loan  within  30  days  after  taking  the  decision  on  approval  of  the  extension  of  the  loan  the  Client  may  repay  the  loan  to  be  transferred  on  his  own  means  and  transfer  the  loan  without  the  subsequent  collateral.

3

Other requirements

- In cases stipulated by points 2.1, 2.2 and 2.3 of these terms

 - In  cases  stipulated  by  clause  2.1  hereof  number  of  past  due  days  of  the  Client’s  loans  during  the  most  recent  24  months  preceding  the  date  of  application  should  not  exceed  50  days  and  aggregate  on  transferred  loan  –  10  days.

- In  cases  stipulated  by  clauses  2.2  and  2.3  hereof  aggregate  past  due  days  on  repaid  loan  secured  with  real  property  during  the  most  recent  24  months  of  loan  service  should  not  exceed  20  days

- transferred  loans  during  the  most  recent  3  months  preceding  the  application  date  should  be  classified  as  “Standard”

4

Loan disbursement fee (single)

Not applicable

5

Monthly service fee

Not applicable

6

Costs for executing pledge  

Costs  to  be  borne  by  the  Bank for  executing  the  pledge for loans exceeding AMD 4 000 000/equal foreign currency

- Collateral  appraisal  fee  (appraisal  is  not  required  if  the  property  is pledged at the Bank was  appraised  during  the  most  recent  12  months , or other banks/financial organizations during  the  most  recent  6  months preceding  the  application  date  by  one  of  the  appraising  companies  –  partners  of  the  Bank)

- cost  for  unified  reference  issued  by  the  Real  estate  Cadastre  State  Committee  of  the  RA  Government *,

- Cost  for  notarization  of  real  estate,  subject  of  collateral

- Fee  for  registration  of  the  title  of  the  Bank  resulted  from  the  pledge  agreement  in  the  state  competent  authority*


* In the case of execution of the cost  for  unified  reference  issued  by  the  Real  estate  Cadastre  State  Committee  of  the  RA  Government and the fee  for  registration  of  the  title  of  the  Bank  resulted  from  the  pledge  agreement  in  the  state  competent  authority through ARPIS software applicable by the Bank, no cost for the reference shall be charged.

The abovementioned pledge related costs may be borne either by the client or by the Bank. Moreover, in the event the costs are borne by the Bank, provided that the client fully repays the loan before the maturity within 24 months following the transfer, the borrower will repay the costs provided by this clause borne by the Bank.   


*  The other terms of re-financing of loans secured with real estate, not mentioned in clauses 1-6 herein shall be the same as provided by the terms of “Consumer loans” secured with real estate.


How  to  calculate  annual  actual  interest  rate  for  transferred  “Refinancing”  loans  secured  with  real  property: 

• Loan  amount    AMD 15 000 000 AMD
• Annual  interest  rate 16.5%
 Maturity 60 months
• Repayment  method annuity  
Application processing fee AMD 5 000
 Effective  interest  rate 17.82%


Note 

The borrower may choose to pay the interest accrued to the principal amount of the loan in the currency in which the loan is extended

How  to  calculate  interest
 


Interest amount is applied to the reduced balance with the account of 365 days a year.

ATTENTION! THE  INTEREST  ACCRUED  TO  THE  CREDIT  AMOUNT  IS  CALCULATED  ON  THE  BASIS  OF  NOMINAL  INTEREST  RATE.  THE  ACTUAL  ANNUAL  PERCENTAGE  RATE  SHOWS  THE  COST  OF  THE  LOAN  IF  YOU  PAY  THE  INTEREST  AND  OTHER  DUE  PAYMENTS  WITHIN  THE  DEFINED  TERMS  AND  AMOUNTS.  

Early  repayment  fee 

No penalty is charged for early repayment

Exchange  rate  effect  

Taking into account the fact that the Bank provides loans in both Armenian drams and foreign currency, the borrower should understand that foreign currency fluctuations can have either positive or negative impact on the loan repayment

Loan  request  rejection

The Bank may reject loan applications of those clients, which fail to meet the program requirements or where the Bank is not sure of the solvency of clients; the Bank can provide written notice on rejection upon request of the client.      The Bank is liable to provide such information on rejecting the loan to other banks of RA and credit organizations (according to the RA Law on banking secrecy).

ATTENTION! IN  CASE  OF  FAILURE  TO  REPAY  THE  LOAN  INTEREST  AND/OR  PRINCIPAL  WHEN  DUE  YOUR  ASSETS  CAN  BE  SEIZED.  THE  INFORMATION  ABOUT  YOUR  OVERDUE  LIABILITIES  SHALL  BE  RECORDED  IN  THE  CREDIT  REGISTER.

If  the  funds  received  as  a  result  of  disposal  of  pledged  property  are  not  enough  to  cover  the  borrower's  liabilities  under  the  loan,  such  liabilities  shall  be  paid  on  the  account  of  other  equivalent  assets  of  the  borrower.

 In  accordance  with  Regulation  8/05  “Order,  terms,  forms  and  minimum  requirements  for  communication  between  the  Bank  and  depositor,  creditor  and  consumer”  approved  by  the  Board  of  the  CBA,  before  execution  of  the  loan  agreement  the  Bank  must  provide  personal  list.

The page was updated 22.02.2018 16:04
The  following  documents  should  be  presented  to  the  Bank  for  “Refinancing  secured  with  real  property”:

  • ID document    

  • Social  card  (reference  on  non-receiving  social  card)


  • local  statement    of  residence  with  regard  to  the  residents


  • Property  certificate  of  the  pledged  property


  • Collateral  appraisal  statement

  • Other  documents  as  required 
The page was updated 30.11.2017 12:38
Attention: The Bank does not bear any responsibility for the inaccuracy of information on the linked web sites, nor does it accept any responsibility for the advertisements therein or possible consequences arising out of use of information provided on the linked web-sites. In case of any discrepancies in the website materials in Armenian, Russian and English languages, the Armenian version is prevailing.

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