IDBank has presented a mortgage product under the Affordable Housing for Young Families program. The offer is aimed at individuals buying residential real estate for permanent residence, provided the property is at least 80% complete.
Under the terms published by the bank, the loan is issued in հայկական դրամ. The minimum amount is AMD 5,000,000. The maximum loan size is AMD 22,500,000 for purchases on the secondary market and AMD 27,750,000 for homes bought on the primary market. Repayment terms range from 120 to 180 months.
The annual nominal interest rate is 7.4%-8.4% for secondary-market properties and 7.5% for primary-market purchases. The effective annual rate is listed at 8.25%-10.1%. IDBank also says customers who join the IDsalary package receive a 0.25 percentage point lower rate, while the interest rate remains fixed for the full term of the loan.
The minimum down payment is 30% for secondary-market purchases and 20% for primary-market properties. At the same time, a 10% down payment is possible in certain cases: if, in addition to the purchased house or apartment, another residential property is also pledged as collateral; if a guarantee is provided by a legal entity ranked from 1 to 300 on the RA list of major taxpayers as of the application date; or if down-payment insurance is arranged for the gap between the required minimum down payment and the amount actually paid.
Depending on the transaction structure, collateral may include the purchased property, additional residential real estate, a guarantee, or down-payment insurance. The maximum loan-to-value ratio is set at 70% when only a secondary-market property is pledged and 80% when only a primary-market property is pledged. For families displaced from certain regions of AH under the state housing affordability support program, the ratio may reach 90%-99%.
The bank says eligible borrowers include RA citizen individuals as well as stateless individuals whose spouse is an RA citizen. The program is open to spouses aged 21 and over whose combined ages do not exceed 70, as well as to a single parent aged 18 to 35 at the time the loan is granted.
IDBank says customers may also access additional features, including Rocket Line of up to AMD 10,000,000 and a credit line of up to 5% of the mortgage amount, capped at AMD 5,000,000. No loan application review fee or one-off disbursement commission is charged.
The bank also details penalties and other conditions. A daily penalty of 0.12% applies to overdue principal and overdue interest. In the first three years, early repayment may trigger a fee of 0.6%, 0.4%, or 0.2% depending on timing, while no early repayment penalty is charged after the end of the third year.
Applications are accepted at all IDBank branches, on the idbank.am website, and through the Contact Center.
