Loans to purchase real property from “Tower Properties” LLC. Mortgage

Mortgage 

Loans to purchase real property from “Tower Properties” LLC.
   Details are available on: www.towergroup.am, https://m.facebook.com/HighLandResidence/:

 
 
 

Buy the home of your dream with our help! The loans are extended on the following terms: 



  • Interest rate
  • Maturity
    10-15 years
  • Minimum amount
  • Maximum amount
    25 000 000 AMD


The page was updated 21.11.2017 14:26

Mortgage 

Loans to purchase real property from “Tower Properties” LLC.      






Terms and conditions for loans to buy real property from “Tower Properties” LLC financed by the “National Mortgage Company” CJSC RCO

Purpose of the loan

Purchase of real property in the multi-flat house

Currency

Armenian drams

Annual interest rate*

12.5%

Minimum maturity

10 years

Maximum maturity

15 years

Maximum limit

25.000.000 Armenian drams **
** the amount of loan provided to the borrower (aggregate of all stages) should not exceed the value specified by the agreement n the right to purchase real property and paid advance payment executed between the borrower and the  constructor

Minimum advance

10%

Collateral

Real property to be purchased (collateral 1) (the right to purchase real property under the process of construction) 

Residential real property (collateral 2)

Method of disbursement the loan (tranches)

In non-cash form, by transferring on the account of the constructor

1st tranche – disbursed upon 50-80% completeness of the construction of the  real property to be purchased (collateral 1)


in the amount of up to  60% from the value of the real property to be purchased (collateral 1) ***
the 2nd tranche is provided upon 80% and more completeness of the construction of the real property (collateral 1) in the amount of 15% of the value of the purchase real property (collateral 1)

the 3rd tranche – provided upon 100% completeness of the construction, upon availability of title, the remaining balance of the value of the property to be disbursed after appraisal of the real property to be purchased (collateral 1)

*** value of the purchased real property is the minimum amount of the appraised market value of the real property to be purchase and the value  set forth in the agreement on the right to purchase the real property executed between the borrower and the constructor.

Maximum loan to value ratio

On the 1st and 2nd tranches  – 70% from the market value of residential real property (collateral 2) ****

On the 3rd tranche - 70% of the aggregate amount of the value of real property to be purchased

(collateral 1) + the value of real property  to be purchased (collateral 2)

But no more than 90% of the value of real property to be purchased

(collateral 1)

 

**** if the loan to value ratio on the 1st and 2nd tranches of the loan in total exceeds

70%, the constructor shall present guarantee in the amount exceeding 100 % completeness of the real property to be purchased (collateral 1) and availability of title

Pledgor

1 приобретаемое недвижимое имущество (залог 1) должно являться собственностью

должника и/или содолжника

2. жилое недвижимое имущество (залог 2) может принадлежать

любому физическому или юридическому лицу

Loan application processing fee

10 000 Armenian drams

Single up-front fee

1% from the amount of the loan, but no less than 30 000 Armenian drams and no more than  100 000 Armenian drams

Cashing fee (loan and upfront payment)

N/A

Principal and interest repayment

Annuity method (equal amount payments)

Opening/closing bank account

According to the rates of the Bank

Place of accepting the loan application

Head office

Place of accepting the documents

Head office

Relations between the borrower/co-borrower and the seller of the real property 

Borrower/co-borrower may not be related with the constructor party, as required by the RA Law “On banks and banking”

Other terms

The real property may be released from collateral if the ratio of the collateral value to appraised market value of the real property (collateral 1) is maximum 70%.

Срок принятия решения

Максимум 2 рабочих дня после представления в Банк всех требуемых документов

Term for giving notice to the client

1 business day after taking the decision

Term of disbursing the loan

1 business day after receiving the document confirming the collateral right with regard to the subject of collateral

Maximum term of the decision

30 business days

Lump sum for taking the repeated decision*****

5 000 AMD

* The Bank may review the interest rate for the loan to comply with the interest rate of refinancing of the “National Mortgage Company” CJSC RCO. Moreover, the new interest rate should be changed in the size of the difference of the old and new refinancing interest rates. The Bank shall review the interest rate of the loan in case of incompliance with the requirements, specified by the “National Mortgage Company” CJSC RCO, refusal to finance the loan by the mentioned company or termination of refinancing

***** decision is considered repeated if taken within 30 days after expiration of the term of the decision.

According to these terms the history of the client shall be revised for taking repeated decision.


General terms of disbursing mortgage loans to buy real property from “Tower Properties” LLC financed by the own resources of the Bank.

Purpose of the loan

Purchase of real property in the multi-flat house

Currency

US dollars

Annual interest rate

For the first 3 years, following the disbursement of the loan  – 11%,

Floating interest rate will be applied for the further years

* floating interest rate is applied according to the methodology accepted by the Bank

Minimum maturity

10 years

Maximum maturity

15 years

Maximum limit

250 000 USD

Minimum advance


not specified

Collateral

Real property to be purchased (collateral 1) (the right to purchase real property under the process of construction) 

Residential real property (collateral 2)

Method of disbursement the loan (tranches)

In non-cash form, by transferring on the account of the constructor

1st tranche – disbursed upon 50-80% completeness of the construction of the  real property to be purchased (collateral 1)

in the amount of up to  60% from the value of the real property to be purchased (collateral 1) ***
the 2nd tranche is provided upon 80% and more completeness of the construction of the real property (collateral 1) in the amount of 15% of the value of the purchase real property (collateral 1)


the 3rd tranche – provided upon 100% completeness of the construction, upon availability of title, the remaining balance of the value of the property to be disbursed after appraisal of the real property to be purchased (collateral 1)

*** value of the purchased real property is the minimum amount of the appraised market value of the real property to be purchase and the value  set forth in the agreement on the right to purchase the real property executed between the borrower and the constructor.

Maximum loan to value ratio

On the 1st and 2nd tranches  – 70% from the market value of residential real property (collateral 2) ****

On the 3rd tranche - 70% of the aggregate amount of the value of real property to be purchased

(collateral 1) + the value of real property  to be purchased (collateral 2)

But no more than 90% of the value of real property to be purchased

 

(collateral 1)

 

**** if the loan to value ratio on the 1st and 2nd tranches of the loan in total exceeds

70%, the constructor shall present guarantee in the amount exceeding 100 % completeness of the real property to be purchased (collateral 1) and availability of title

Залогодатель

1 приобретаемое недвижимое имущество (залог 1) должно являться собственностью

должника и/или содолжника

2. жилое недвижимое имущество (залог 2) может принадлежать

любому физическому или юридическому лицу

Loan application processing fee

10 000 Armenian drams

Single up-front fee

1% from the amount of the loan, but no less than 30 000 Armenian drams and no more than  100 000 Armenian drams

Cashing fee (loan and upfront payment)

N/A

Principal and interest repayment

Annuity method (equal amount payments)

Opening/closing bank account

According to the rates of the Bank

Place of accepting the loan application

Head office

Place of accepting the documents

Head office

Relations between the borrower/co-borrower and the seller of the real property 

Borrower/co-borrower may not be related with the constructor party, as required by the RA Law “On banks and banking”

Other terms

The real property may be released from collateral if the ratio of the collateral value to appraised market value of the real property (collateral 1) is maximum 70%.

Срок принятия решения

Максимум 2 рабочих дня после представления в Банк всех требуемых документов

Term for giving notice to the client

1 business day after taking the decision

Term of disbursing the loan

1 business day after receiving the document confirming the collateral right with regard to the subject of collateral

Maximum term of the decision

30 business days

Lump sum for taking the  repeated decision*****

5000 AMD

**** decision is considered repeated if taken within 30 days after expiration of the term of the decision.

According to these terms the history of the client shall be revised for taking repeated decision.

   

Requirements to the borrower/co-borrower

1

Status of the borrower/co-borrower

Individual, RA citizen

2

Eligible age of the borrower

Eligible age of the borrower as of the date of accepting the loan application should not be less than 21 and not have exceed 65 at the loan maturity  

3

Eligible age of the co-borrower

Eligible age of the co-borrower as of the date of accepting the loan application should not be less than 21 and not have exceed 65 at the loan maturity   (the requirement to the eligible age is not applicable provided that on the basis of the data filed in the application form the financial status of the borrower (other borrowers) without the data of the given co-borrower (s) is satisfactory to repay the mortgage.

4

General principle of evaluation of the creditworthiness of the borrower/co-borrower

Maximum ratio of total payment on obligations to net income should not exceed 45%

5

Income of the borrower/co-borrower

The borrower and/or one of the co-borrowers must have primary income.
1) The primary income is the fixed salary (equal payments), received on the basis of professional skills from the main place of business and the income (profit) gained as a result of private entrepreneurship, proved on the basis of documents submitted to the tax authorities. *
Primary income is taken into account in the amount of 100%.

2) Secondary income, the structure and the maximum weight of it is given in Annex 1.5

6

Requirements to the credit history of the borrower/co-borrower

1. No credit history, or

2.   No overdue obligations (loan, credit line, overdraft, guarantee, etc) to the banking system as of the date of submitting loan application, and

3.   No more than 10 days of late payment of principal and /or interest in aggregate, on different loans (credit lines, overdrafts, guarantees) over the 12 month preceding the date of submitting loan application.


Insurance

Insurance to be made by one of the insurance companies – partners of the Bank only.

1. insurance of the borrower/co-borrower

Insurance of the borrower/co-borrower

Insurance is carried out from the balance amount of the loan:

1. on annual basis, annually

2.for the last year of the effective period of the loan - for the term remaining for repayment of the loan 

3. accident death, or disablement, according to the rates of the insurance company

  4. proportionally to the income of the borrower/co-borrower, who take participation in the repayment of the loan 

2. Insurance of collateral

Insurance of the real property to be purchased (and the second collateral)

The insurance is performed from the loan balance:

1. on annual basis, annually
2.for the last year of the effective period of the loan - for the term remaining till the maturity

3. if the property to be purchased is 100% completed, the insurance may be applied to the property to be purchased only.

Minimum cases covered by insurance policy 

1. . earthquake,

2. fire or explosion,

3. storm, flood, shower rain,

4. tornado, strong wind,

5. Heating, water or drainage  system fault,

6. malicious actions committed by the third parties

Fine, penalty

1

For late loan payment (daily) 

0,1%

2

For late interest payment (daily)

0,1%

3

Early repayment fee

Not specified

4

For improper use of the loan the Bank may require:

1) early repayment of total amount of the loan
2) in the amount of 25% from the improperly used loan amount
3) restructuration of the loan according to the terms of disbursement of loan financed by the own resources of the Bank


Requirements to the collateral

1

Subject of collateral

1.    real property to be purchased (collateral 1) – residential real property in the constructed multi-flat house

2.residential real property (collateral 2)

2

Location of the collateral

Republic of Armenia

3

Appraisal of the collateral

To be appraised by one the appraisal companies – partners of the Bank

4

Insurance of the collateral

According to Annex  2.2

5

Other requirements

Subject of collateral

The real estate should have masonry, panel or reinforced structure (except for the dividing walls and covers between the floors)

1) should be equipped with all necessary communications (water, energy, sewerage)

2) The real estate should not be located on the territory occupied by other constructions – hotels or dormitory

3) cadaster value of the land must be paid (if land lot is included in the collateral)

The real estate must not be located on the territory of exclusive public interest

For dwelling house – the property should not have general use yard area with other owners; no general use land plot to be included; the dwelling house should not be burdened with land lease or free use.

The page was updated 23.01.2018 14:51
The following documents must be presented to the Bank to receive mortgage loan to purchase real property from “Tower Property” LLC:

The page was updated 21.11.2017 14:46
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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