1. Application for a loan,
2. The passport of the borrower and co-borrower(s)/guarantor(s) (if available) or another document replacing it, established by the Law of the Republic of Armenia,
3. License plate of the Public Service of the borrower and co-borrower(s)/guarantor(s) (if available): CCR (certificate of non-receipt of CCR),
4. Marriage certificate (if available, in the absence-a statement that you are not married),
5. The identity document of the spouse (if the borrower/the co-borrower is married),
6. If the borrower and the co-borrower (if applicable) are employees:
*A certificate of income from the employer, which indicates the position held by the borrower, the length of service in this organization and the amount of monthly income (gross or net, while in the case of net income, an appropriate mark should be made in the certificate),
* If the work experience at the current workplace is less than 12 months, data on the client’s previous employment is required: employer, position held, work experience, amount of income received,
* Data on other income (if applicable),
* Certificate of income of the husband / wife (optional), if the borrower is married.
7. If the borrower and the co-borrower (if applicable) are self-employed՝
* Taxpayer’s tax number,
* Certificate of registration, articles of association (if any),
* Documents for permission to engage in this type of activity, if, in accordance with the legislation, a special permit from the relevant authorities is required for this activity,
* Financial and tax statements for the last 1 year approved by the tax authority,
* Income and expense reports/records for the last 6 months (if available).
8․ Report on the valuation of mortgaged real estate,
9․ Certificate of registration of ownership of mortgaged residential real estate,
10․ Unified certificate of restrictions on mortgaged property issued by the State Committee of the Real Estate Cadastre under the Government of the Republic of Armenia․
11․ Assessment of the construction of the mortgaged property (only in the case of construction loans) and a construction permit in cases established by the legislation of the Republic of Armenia,
12․ The basis of ownership of mortgaged real estate,
13․ Other documents on request,
The specified documents are submitted by the borrower in paper and/or electronic form within 15 working days after receipt of such a request.

Factors Influencing The Loan Decision

Negative factors

Sufficient level of creditworthiness

Insufficient credit rating

Good credit history

Bad credit history

Having a stable income

Lack of stable income
Providing false or unreliable information
Other credit risks

Loan application decision

Up to 4 business days

Written or oral notification of the applicant of a positive decision

Up to 1 business days

Written (paper or electronic) notification of the applicant of a negative decision

Up to 1 business days

The actual provision of the loan

Up to 15 business days (from the moment of submitting the application)

The validity period of the decision of the credit Committee

Up to 1 month

Subject to the submission by the client of all necessary documents and the completeness of the package.

The mortgage loan offer is provided to the borrower at least 7 days before the date of conclusion of the contract and gives the client the opportunity to think and make a final decision within 7 days.

• The borrower can apply for a loan at all FINCA branches.
• Before signing the contract, you will receive an individual sheet that will specify your individual loan terms.

• The borrower can repay the loan earlier than stipulated by the payment schedule without incurring penalties. Upon early repayment, together with the reduction of the principal, the borrower’s total credit expenses (interest, other fees) are reduced proportionally, except for the cases when the payer submits a different written order. At the borrower’s choice, the amount of monthly payments decreases in proportion to the amount of early repayment, leaving the loan repayment period unchanged, or the loan repayment period decreases, leaving the amount of monthly payments unchanged: Penalties and other fees incurred as a result of failure to properly fulfill obligations stipulated by the RA legislation and the loan contract, as well as the fees defined by the Article 15 of the RA Law on Consumer Credit are not reduced. Upon full early repayment of the loan, the borrower pays the service fees and other charges, interest and principal amounts calculated as of the payment date.
• Payments for future months can be made in advance by submitting a written order. Repayments for each upcoming month are made in the following order: 1) service fees and other charges, 2) interest, 3) principal.

• In case the borrower breaches the contractual obligations, FINCA may change the interest rate of the loan following the order provided by the contract and the terms constituting an integral part of the contract.
• In case of failure to fulfill the contractual obligations according to the payment schedule, the borrower is obligated to pay a PENALTY for each overdue day in the amount of: 1) 0.13% of the overdue principal, 2) 0.13% of the overdue interest.
• If the borrower fails to repay the principal on time, application of the contractual interest rate towards the overdue amount is terminated and a 24% annual interest rate is applied from the day of breaching the schedule till the loan repayment date. If the amount paid is not sufficient to cover all overdue obligations, the creditor’s expenses incurred in efforts to receive the due payments from the borrower are paid first, followed by the service fees, penalties, interest and principal. This order may change per the creditor’s decision based on the borrower’s written request.
• In case of failing to fulfill your loan obligations, this information is sent to the credit bureau where your credit history is formed. Bad credit history can prevent you from receiving a new loan in the future.
• In case of not fulfilling your loan obligations on time, your property may be confiscated in accordance with the law.
  If the collateral is insufficient to cover loan obligations when repaying them at the expense of the collateral, payments are made at the expense of your other property.

The annual percentage rate calculation is based on the following formula:

where
A – the initial loan amount
n – the sequence number of the installment for loan repayment
N – the sequence number of the last installment for loan repayment
K_n – the amount of the n^th installment for loan repayment
D_n – the number of days between the loan disbursement date and the date of the n^th installment for loan repayment
i – the annual percentage rate

Loan amount

AMD 4,000,000

Loan maturity

120 months

Nominal annual interest rate on the loan

14,5%

Payment for the provision of

1%

Property insurance

0.15% (to the annual loan balance)

Accident insurance

0.15% (to the annual loan balance)

Expenses related to the registration of collateral (approximate)

A lump sum of 110,000 AMD

Repayment of the loan

120 months: uniform monthly payments

The day of the loan issue

November 1, 2022

The day of the first repayment of the loan

December 1, 2022

The actual annual interest rate on the loan

16,8%

* Loan statements provided on the spot; other information is provided within 10 business days upon request. Provision of statements and other information is free of charge.
* You can communicate with FINCA by using the channel of your preference: either postal services or electronic communication. It is more convenient to obtain information electronically as it is free of the risk of losing information on paper.
* To compare the loan types offered to individuals and to choose the most suitable option, you can visit the electronic platform Your Financial Directory at www.fininfo.am.
* When pledging property as collateral for a loan, a need to use third party services arises. The prices of those services and the respective service providers are presented below.

Name

Address

Contacts

SIL Insurance CJSC

RA, c. Yerevan, Arami St., 3

“374 60 540000
374 10 580000”

Էլ․փոստ info@silinsurance.am
www.silinsurance.am

Name

Address

Contacts

“COST CONSULT” LLC

RA, Yerevan, Yerevan, Buzanda Str. 1

374 10 544882

cost@consultant.com

“OLIVER GROUP” LLC

RA, Yerevan, Yerevan, Tumanyan Str. 8

374 10 542740
374 10 542750

info@olivergroup.am

“A.G. BORSA” LLC

RA, Yerevan Yerevan, N.E. Zaryan 22

374 10 252789

info@olivergroup.am

“VI EM – AR PI” LLC

RA, Yerevan, Yerevan, Vardanants Pak. 8

374 10 588797

vm-rp@mail.ru

“GARDI” LLC

RA, Yerevan, Yerevan, Vardanants Pak. 8

374 96 520590
374 95 520590

gardiltd@gmail.com

“Finlow” LLC

RA, Yerevan Yerevan, Mashtots ave. 5 17

374 10 506000
374 60 747400

finlaw@inbox.ru

The expenses incurred by the borrower within the framework of the mortgage loan provided include․
Single reference-up to 5,000-10,000 AMD,
Insurance of mortgaged property in the amount of 0.15% of the loan balance (minimum AMD 2,000),
Borrower’s insurance in the amount of 0.15% of the loan balance (minimum AMD 1,000),
The fee for the ratification of the Pledge Agreement is 3,000-20,000 AMD,
The fee for the assessment of property and collateral, depending on the type and area of the property, is at least AMD 5,000,
Payment for registration with the authorized state body of the organization’s right arising from the Pledge Agreement,
Registration of the right of pledge-up to AMD 26,400,
Registration of ownership rights-up to 46,100 AMD,
Notarization fee: up to AMD 20,000,
Mortgage liability insurance in case of prepayment in the amount of 20% of the value of the purchased property in the amount of 2% (minimum AMD 1000), in case of prepayment in the amount of 10% -in the amount of 3% (minimum AMD 1000):

Regardless of the rates set by “FINCA” UCO CJSC in these terms and conditions, the fee for services provided by third parties may be changed by third parties: