Renovation

National Mortgage Company also refinances standard mortgage loans for renovation.

Renovation

Renovation

Home improvement project cost shall be presented in compliance with Company's requirements. The assessment tool is available here։

Beneficiaries

  • The borrowers must be citizens of the Republic of Armenia
  • The borrowers must have no current delinquent liabilities
  • During the twelve-month period preceding the loan origination date, the overall number of delinquent days for all the liabilities of the borrower must not exceed 30 days.

More detailed information can be found in  Housing Loan Refinancing Procedure.

Loan amount

Up to AMD 35 mln

Loan term

Minimum of 5 years

OTI*

Maximum of 45%

Annual interest rate

Defined by PFIs (on average it is 13.93%)

Interest rate type

Fixed

Loan currency

AMD

Insurance

  • Pledged property insurance, whose coverage must be at least equal to the loan amount.
  • Insurance that will pay off the mortgage loan if the borrower dies from a covered event. The coverage must be at least equal to the loan amount.

Collateral

Property to be renovated

*OTI calculation includes monthly payments of all the loans that a borrower has, including the mortgage loan.