Company Program

First Mortgage Company Mortgage Loan Program

Loan purpose: Financing the acquisition or renovation of a residential property.
Loan amount: From 1,000,000 AMD /or from 3,000 USD/ but not more than 75% of property appraised market value.
Loan currency: USD or Armenian dram.
Loan term: From 10 to 15 years.
Interest Rate: Starting from 10% per annum.
Collateral/Security: Pledge of a residential property.
Income: Sufficient and stable income.
Insurance: Personal accident and property insurance coverage is required.
Closing Fee: 1% closing fee is charged from originated loan amount but not less than 75,000 dram.
Prepayment Penalty: Full or partial loan prepayments are permitted during the 1st and 2nd years of loan servicing, subject to 1% penalty of the amount prepaid. No prepayment penalty will be imposed effective from the 3rd year of the loan servicing
Default Payment Rates: The Borrower should pay a late payment fine equal to 0.13% of the amount due per day when the Borrower defaults on any consecutive loan and/or interest payments .