ARMENIAN UNIBANK OFFERED PREPAYMENT-FREE MORTGAGE CREDITS TO CLIENTS
Noyan Tapan
March 31, 2008
YEREVAN, March 31. /ARKA/. The Armenian Unibank offers its clients
a new type of mortgage credits, prepayment-free credits. The bank’s
press service reports that the annual interest rate on the credits is
17%, the maximum credit amount being 60mln AMD and the credit payment
period ten years.
Tigran Gevorgyan, Unibank Mortgage Crediting Director, said that
the bank will execute additional collateral in the form of immovable
property the client or his/her family has in Yerevan.
The market price of the mortgaged property may constitute 40% or
more of the credit amount. Gevorgyan said that this instrument will
make mortgage credits affordable for larger sections of Armenia’s
population.
At present, many solvent people with stable incomes cannot make use
of mortgage credits because they have no savings. The new credits are
intended for them. The Unibank continues issuing mortgage credits
on previous terms as well. Specifically, the bank issued mortgage
credits at an annual interest rate of 16% for up to five years, the
prepayment being 20%. The maximum credit amount is 100mln AMD. Without
prepayment, the annual interest rate is 17%, credit repayment period
being ten years and the maximum credit amount 60mln AMD.
The Unibank was founded in 2001. The Uniastrum Asset Management
Ltd. holds 50% of the bank’s shares. By December 31, 2007, the bank’s
assets had amounted to 45.6bln, total capital 7bln AMD, net profit
350.6mln AMD (in 2007), balance profit on the capital account exceeded
1.1bln AMD. The bank’s credit portfolio is 29.5bln, with the share
of mortgage credits being 9.1bln AMD. ($1 – 307.25 AMD)