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Mortgage software loans

Refinanced Mortgage Loans for Acquisition, Repair or Construction of Residential Real Estate

The loan is provided by Converse Bank CJSC (hereinafter Bank) on the following terms:


Individual citizen of the Republic of Armenia, whose main source of income in the Republic of Armenia


Loans for the purpose of purchasing, renovation or building residential real estate.


Acquisition or construction - 120 - 240 months
Renovation: 60 - 240 months




Funding Source A. AMD 1,000,000 - 35,000,000

Funding Source B. AMD 1,000,000 - 60,000,000

Real estate value

In the case of loans for purchasing, the estimated market value and the purchase value should not exceed:

A. 55 million AMD

B. 90 million AMD

Annual nominal interest rate*

A. 11%

B. 12.5%

Actual annual interest rate *


A. 11.71 - 16.53%


A. 11.73 - 20.02%

Building (construction)

A. 11.73 - 16.53%

B. 13.38 - 18.49%

B. 13.39 - 22.02%

B. 13.39 - 18.49%

 * The actual annual interest rate, in addition to the fees specified by the Bank, includes other fees required to obtain the loan: collateral valuation, insurance (for the first year only), single statement, notary charges and pledge registration fees.
Upon purchase, notarization, registration and unified reference fees are not included in the actual annual interest rate calculation, as the customer is required to make these payments regardless of whether the purchase is by means of loan or without loan (cash price).

Basic package of services provided to borrowers during the entire period of servicing the loan:

Annual service fee for Visa Classic or MasterCard Standard card


Annual service fee for Converse Mobile application.


Other terms and tariffs under the Bank's relevant service terms

  General terms and conditions

List of fees paid by the customer

One-time fee for loan application review

5,000 AMD (charged once when entering the loan application)


Fee for loan disbursement

0.5% of the loan amount, minimum AMD 50,000 (charged once before the loan is provided)


Loan account service fee


Costs for collateral valuation

AMD 18,000 – 25,000

Pledged property insurance

0.13% - 0.15% annually on loan balance


Accident insurance


0.14% - 0.16% annually on loan balance

Single reference

AMD 10,000

Notary validation

AMD 20,000

Registration of property rights in the RA Cadastre Committee

AMD 45,000

Registration of the right of pledge in the RA Cadastre Committee

AMD 27,000

Consideration time
At least 7 days prior to the conclusion of the loan agreement, the Bank will provide you by hand or by mail a loan agreement proposal and a draft loan agreement. The proposal to conclude a loan agreement is valid for 7 business days from the day following the date of its submission to the borrower.

Early repayment of the loan
The borrower has the right to repay the loan in whole or in part in advance, including through refinancing.
In case of early repayment of the loan amount or part of it, the Bank will reduce the total cost of lending, including the total interest payable under the loan agreement and service charges.
At the borrower's discretion, the Bank will reduce the amount of monthly payments in proportion to the amount repaid in advance, leaving the loan repayment period unchanged, or reduce the loan repayment period, leaving the amount of monthly payments unchanged.

Fines and penalties
• In case of breach of the repayment terms stipulated in the contract, the Borrower shall pay a fine to the Bank at the rate of 0.13% for each day of default.
Repayments of overdue liabilities are repaid in the following order: fine/penalty, interest, principal amount.
• No fines or penalties are envisaged for early repayment of the loan.

1. OTI ≤ A. 45% / B. 60% (depending on the funding source)

1. OTI - The ratio of the maximum monthly repayment amount of the principal amount, the accrued interest, service and insurance fees (if any) on all existing credit obligations of the borrower and, if any, the co-borrowers to the monthly net income of the said persons (depending on funding source).
2. At the time of applying for a loan, the borrower / co-borrowers should have no overdue loans, as well as existing loan obligations classified stricter than "standard" class.
3. The total number of overdue days for all current and repaid loans of borrower /co- borrowers during the last 12 months should not exceed 30 calendar days (for each individually).
4. The seller and the buyer should not be members of the same family.
5. Construction loans are provided in installments, the last portion of which should not exceed 20% of the loan amount, and the maximum loan amount should not exceed 80% of the amount of the construction budget estimate submitted by client.
6. Construction / improvement works must be fully completed within one year of the loan's last installment.
7. The Bank concludes a PLA with the Borrower at the rate of at least 120% of the appraised market value of the property.

Collateral type, loan / collateral ratio
In case of acquisition
• The acquired existing real estate, serve as collateral.

- Loan / collateral ratio - up to at least 70% of the lower of the estimated market value and acquisition value.
- If, in addition to the pledge of the acquired apartment as collateral, other existing residential real estate is also pledged as additional collateral, or there is a mortgage insurance loan in meeting the Minimum Quality Standards (MQS) in the amount exceeding 70% of the loan/collateral ratio, the minimum down payment may be set at 10%. Moreover, in case of additional real estate pledged as collateral, the loan/collateral ratio is calculated based on the sum of the values of the two real estates serving as collateral (calculated in accordance with the procedure established by MQS0) and the loan amount may not exceed at least 90% of the lower of the estimated value and the acquisition value of the acquired residential real estate.

• and in case of acquiring (unfinished) real estate under construction, the right of purchase, also other residential real estate, serrve as a collateral.
- the loan amount can not exceed 90% of the value set by the acquisition agreement.
- In the absence of additional residential real estate collateral, the interest rate will be set at 2.5 percentage points higher until the loan is refinanced by the NMC, for which the following requirements must be met:
- The loan can be submitted for refinancing maximum within 270 days after the last installment is made;
- The loan must be secured by a 100% complete (built) real estate;
- Loan / collateral ratio - up to at least 70%;
• Real estate (s) should be a primary collateral.

In case of renovation
The renovated real estate is pledged as collateral.
Loan / collateral ratio - up to 70% of estimated market value.
Real estate should be a primary collateral. Renovated real estate can only be a consecutive pledge, if it is a primary collateral under a loan refinanced by NMC for acquisition of residential real estate.

In case of construction
Besides the plot of land on which the residential real estate is constructed, other residential real estate is pledged as collateral.
Loan / total collateral ratio - up to 70% of estimated total market value.
Real estate (s) should be a primary collateral.

Frequency and method of repayment of principal and interest
• "Annuity" (Equal monthly repayment), with principal and interest accrued in variable portions.
• "Spring" (decreasing monthly repayment), in which the principal amount is included in equal portions, and accumulated interest is variable.

Example of calculating interest rates
• In case of loan with the following terms and conditions:

Loan amount:

AMD 10,000,000

Nominal interest rate


Repayment period

10 years

Repayment type


Interest composition 

Monthly repayment (principal amount+ interest)


Total interest


Total of repayments


Loan interest is calculated based on the nominal interest rate applied to the deductible balance, and the actual annual interest rate shows how much the loan will cost you when you make timely interest payments and all the related mandatory fees and payments related to loan disbursement.
The procedure for calculating the annual actual interest rate can be found at the following address:

Valuation of collateral

The pledged real estate is subject to appraisal by one of the evaluation companies cooperating with the Bank. The evaluation company is selected by the Customer. The evaluation report is usually valid within 2 (two) months from the date of the report. An additional re-evaluation may be required if necessary (eg price changes).

List of valuation companies

 Pledge insurance and borrower / co-borrower insurance

Insurance of pledged property from accidents as well as insurance of borrowers and co-borrowers from accidents and death are carried out annually (in proportion to income) for the balance of the loan, by one of the insurance companies cooperating with the Bank. Furthermore, the Bank acts as the beneficiary.

 List of insurance companies

Communication with the Bank

You have the right to communicate with Converse Bank CJSC in any format at your discretion - by postal mail or by electronic communication methods. It is most convenient to receive information electronically, as it is available 24/7, free from the risk of loss of paper-based information and ensures confidentiality.

Provision of statements, references and other information (including VAT)
• Provision of statement with periodicity prescribed by RA legislation (once) in the customer's preferred way: - 0,
• Provision of additional statement on mortgage loans (including submission to the RA State Revenue Committee) 4 times a year, for the period specified by the customer: 0
• Provision of a statement in addition to the periodicity specified in the previous paragraphs 1:
- Dated back up to 3 years - AMD 1,000,
- Dated back to 3 years and more (in case it is available in the bank ) - AMD 3,000
• Statement1 for submitting to different institutions
- In case of accounts opened within a month 2 AMD 5,000
- In case of accounts opened earlier - AMD 3,000
• Reference based on the application submitted through the Bank's website - 3,000 AMD
• References / Letters
 On transactions made
- For transactions dated back up to one month - AMD 3,000
- For transactions dated back more than one month - AMD 5,000
 Notice of agreement on consecutive pledge/alienation of property pledged in the Bank - AMD 6,000 for each pledged property
• Transaction support documents and copies of other documents (for each document)
- Dated back up to 1 month - AMD 1,800
- Dated back up to 1 year - AMD 3,000
- Dated back more than one year - AMD 12,000

Tariffs for other services (including VAT)
• Mail delivery of statements or other documents
In the Republic of Armenia and Artsakh - 0
- Tariff set by the shipping service provider, if established by law and contract.
- In other cases, the fee set by the shipment service provider + AMD 1,500
• Delivery of references or other documents via Ordered mail shipping
- Within Armenia and Artsakh- AMD 3,000
- International - fee set by the shipment service provider + AMD 3,000
• Provision of Bank consent for registration of family members at the address of pledged real estate (regardless of number of registered persons) - AMD 3,000
• Granting consent for modification of documents on real estate property pledged with the Bank3: 0.5%, minimum AMD 12,000 , maximum AMD 60,000
• Granting consent for the release of pledged real estate property- AMD 12,000
• Partial release of pledged property based on the application of the pledgor or the borrower (except for the pledge of cash as well as unallocated metal accounts) - AMD 20,000 (per property)
• Loan terms revision4 - 0.5%, minimum AMD 12,000

1 In case of simultaneous provision of a statement and reference to the same Customer and charge envisaged for the reference, the charge will be collected for reference only.
2 In case of more than one active account, the opening date of account which has been opened earlier is taken into consideration irrespective of whether or not included in the statement.
3 The tariff shall be calculated on the basis of the estimated initial value of the collateral.
4 The tariff is calculated based on the amount of loan provided. The tariffs are set at the time of submission of the application by the customer for revision of the loan terms.

Required documents


Loan Application Form


Identity document of the borrower, co-borrowers, their family members, Public Service Number or a reference from the State Register of Population on not receiving PSN (not required if identification card is provided), marriage, divorce, birth, death certificates (if available).


A reference to the place of residence with the indication of family members living together.
Reference / Form 3/of the RA Police Passport Department (if needed).


Reference from the workplace indicating the position of the borrower / co-borrower and the amount of monthly income (gross or net, plus, if net income is indicated, a corresponding note should be made in the reference), which should not be older than 20 calendar days as of the date of filing with the Bank. If necessary, a statement from individual account for the past 1 year, approved by tax authorities.


Secondary income (if any) supporting documents.


In case of entrepreneurial activity:

- Taxpayer identification number (TIN),

- Certificate of incorporation (reference from state register), charter (if available),

- Identification documents of the shareholders and the director,

- Permission documents for conducting the given type of activity,

- Financial and tax reports approved by tax authorities,

- Income and Expense Records (if any) for the last 6 months,

- Bank account turnover (if available),

- Reference from the State Revenue Committee on obligations towards the State,

- Business Analysis Report.


Original of the Certificate of Ownership for the additional pledged property acquired/renovated/constructed, owners' Identification Documents and Purchase Basis (Purchase Agreement, Certificate of Inheritance, etc.), Marriage, Divorce, Birth, Death Certificates (if any).


Estimate (for renovation and construction).


Photos of the property to be built / renovated, both before performance of works and after disbursement of each portion


A construction design approved by the procedure established by the legislation, a construction permit, a contract with a developer (if any)


Unified reference from the State Committee of the Real Estate Cadastre of the Republic of Armenia on the limitations on pledged property (submitted after loan approval).


Mortgage assessment conclusion / act:


Pledged property and borrower / co-borrower insurance certificates.


Other documents required by the Bank.


If you fail to fulfill or incompletely fulfill your obligation,  within three business days this information will be provided to the credit bureau  where your credit history is formed. Having a bad credit history can negatively affect your creditworthiness in the future. You have the right to receive your credit history report for free once a year from the credit bureau.

Your property may be confiscated by law if you fail to make your interest and loan repayments on time.

In case of insufficient funds to repay your credit liabilities, they may be repaid at the expense of your other property and/or that of the guarantor, as prescribed by the RA legislation.

In accordance with the RA Law on Combating Money Laundering and Terrorist Financing, on the basis of the Know Your Customer Principle, the Bank may require the Customer to provide additional documents or other information, as well as ask questions during verbal communication, for the purpose of conducting due diligence of the Customer.  

The Bank may collect additional information in accordance with the terms of an agreement with the US Government under the Foreign Account Tax Compliance Act (FATCA) to determine your eligibility for being a US taxpayer.

The Bank is entitled to modify and supplement the tariffs for additional services provided by notifying the Customers in accordance with the contract, by posting a relevant message on its own website ( ), by posting announcements on the Bank's premises, by sending a notification by post, and by any other methods  proposed by the Bank selected at the Customer's preference, which is considered a due notification of the Customer.

 Factors for positive or negative decision on providing the loan

The Bank is inclined to provide the loan if:

  • The applicant complies with the terms and limiting conditions of the loan.
  • At the request of the bank, the applicant secures its credit liabilities with collateral.
  • The applicant is recognized as creditworthy as a result of the assessment.
  • The documents and references submitted by the applicant are reliable and include all necessary information;
  • The applicant's credit history is either positive or missing.

Failure to comply with any of the above conditions, as well as other requirements of the Bank's internal regulations, may result in refusal to provide the loan.

Time periods for notifying the customer of the decision to provide the loan and for the loan disbursement.

The decision takes up to 7 banking days, the Customer is informed within one day, the loan is disbursed within 7 banking days.

Venue for loan formalities and method of disbursement

Loan is provided at Head Office and Branches
The loan amount can be transferred directly to the seller / developer account or provided to the borrower by way of depositing into the account. If it is provided to the borrower, the borrower must submit proof that the loan amount has been fully transferred to the seller / developer (not required in the event of development or repair by own resources).

Your financial directory

Your financial directory at , is an electronic system combining services offered to individuals that makes it easy to search, compare and find the most effective option for you.

Procedure for resolving disputes

Any disputes and disagreements between the Customer and the Bank shall be resolved first by mutual negotiation, and should the agreement not be reached by such methods, the disputes and disagreements shall be resolved in accordance with the procedure prescribed by the RA legislation both per court procedure, and through financial system obmudsman.

Notice on Financial System Mediator

Please be informed that according to the RA Law on Financial System Mediator, in case of property claims arising out of services rendered to you by Converse Bank CJSC, disputes and disagreements for not exceeding million AMD or equivalent foreign currency may be resolved through the Financial System Mediator.
According to an agreement between the Bank and the Office of the Financial System Mediator, the Bank waives the right to challenge the Financial System Mediator's decisions only in relation to property claims not exceeding 250,000 (two hundred and fifty thousand) AMD or equivalent currency, and on transaction amounts not exceeding 500,000 (five hundred thousand) AMD or equivalent foreign currency.

Address: 0010 Yerevan, Khorenatsi str. 15,
"Elite Plaza" business center, 7th floor
Email: [email protected]
Telephone: (+37460) 70-11-11
Fax: (+37410) 58-24-21:

Contact with the Bank

For more details and more information you can:

  • visit the Bank's website at
  • visit the Bank's Customer Service at the Head Office or any branch
  • Call: 374 10 511211
  • Viber: 374 95 511211
  • Skype: conversebank-callcenter

Updated 27.06.2022 17:40