HERE AND BEYOND
Ameriabank offers beneficial home loans
Media Room

Interview with Miss Liana Aghayan, Head of Mortgage Loans Unit at Ameriabank

- Having declared itself a universal bank, Ameriabank has enhanced the scope of operations resulting in a vaster range of products offered to individuals. Does this range contain new types of home loans?

The shift to universal banking implies increase in retail banking transactions and development of new retail products. In particular, we have already launched a number of home loan facilities. Even before that Ameriabank was offering a wide variety of mortgage loans, including loans for purchase, reconstruction and renovation of apartments, private houses, commercial premises, purchase of land, under very flexible terms. We can issue a loan even if you haven’t completed the construction yet and have no certificate of ownership in which case the loan is secured by other real estate.
Not long ago we issued loans only to individuals employed by our corporate clients. Now we expand our outreach.
As a client-oriented bank, we strive to demonstrate an individual approach to each client.
Currently Ameriabank offers three new types of home loans, in particular: home loans with down payment deposited with the bank, home loans with 5% down payment and home loans for purchase of real estate overseas.

-The mortgage market is saturated with numerous mortgage products. What are the advantages and specifics of Ameriabank’s new home loans? 

The first type of home loans (deposit-secured) is a unique product. If you have saved up money for down payment you can invest it into a deposit with Ameriabank. Whenever you are short of money, the loan may be repaid out of the deposited funds.
I’d like to note that this type of loan may also be secured by already effective deposit with Ameriabank or a third-party deposit. Given the volatility in the modern financial market, where many people are reluctant to take a 10-year long-term loan and risk the amount of the down payment, this loan hits the spot. Once the deposit-secured part of the loan principal is repaid (let us say, in 2 or 3 years), the depositor can freely manage the deposited funds, use them to make the monthly installments in case of financial problems, if any. What is quite important is that the deposited amount earns interest.

The second type home loan (with 5% down payment) has another advantage. As a rule, the lenders require a down payment of 20% of the real estate value to issue a home loan while the real estate to be bought is used to secure the loan. In our case, the borrower may pay down 5% of the real estate value provided that the loan is secured by some other real estate besides the one to be bought. So, if you have permanent income and some real estate to pledge, you may get a home loan even without solid savings. We believe that this loan will be top popular among the families with overcrowded housing where a few generations of families live together. For them, our offer is a real chance to solve their housing problems. Whereas saving up money for down payment is quite an issue for many people in Armenia, stable income is often not.

The third type home loans (for purchase of real estate overseas) are for those who wish to buy real estate somewhere outside Armenia or in its provinces where there are no Ameriabank’s branches. Such loans are secured by Yerevan-based real estate or real estate in the provinces of Armenia where Ameriabank’s branches are located. The special appeal of this loan is in the opportunity to buy a villa overseas with local real estate pledged as collateral. This loan is a unique product, unparalleled in the banking system of Armenia. Given the global trend of falling prices for real estate in many countries (Eastern Europe, USA, CIS countries, etc.), the people of our country have a unique opportunity to make a good trade buying low-cost real estate overseas.

I am happy to say that we have already recorded a significant demand for the new loan facilities since their launch on November 10 this year.

Y. K. (Деловой Экспресс)

Updated 05.12.2011, 10:48
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