Unibank Intends To Increase Sharply Its Mortgage Portfolio

UNIBANK INTENDS TO INCREASE SHARPLY ITS MORTGAGE PORTFOLIO

Noyan Tapan
May 03 2006

YEREVAN, MAY 3, NOYAN TAPAN. Unibank will create a specialized
mortgage center at its branch to be opened in Yerevan. Chairman of
the Unibank Council Gagik Zakarian stated this at the May 3 press
conference. According to him, the center will provide mortgage loans
to Yerevan residents under a speedy procedure. Unibank’s mortgage
portfolio currently exceeds 5 mln USD. It is envisaged that this year
it will exceed 20 mln USD. The bank implements mortgage crediting
through 11 branches in Armenian marzes. Another 10 branches will
be opened in 2006. Acording to Unibank Chairman Vardan Atayan, the
bank provides up to 10-year mortgage credits at the annual interest
rate of 16%, with a prepayment in the amount of 30% of real estate
purchased. Unibank plans to improve mortgage crediting terms: to reduce
the interest rates and prepayment and extend credit maturity period.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS