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"Converse Bank" is planning to launch mortgage lending in the regions of Armenia


As Armen Hakobyan, Head of "Converse Bank" Main Financial Department, stated during the interview with the ArmInfo correspondent, in the current year "Converse Bank" is for the first time planning to start providing hypothecary loans in two regions of Armenia.
Mr. Hakobyan pointed out that currently hypothecary loans are furnished only by branches located in the capital, the purpose of such loans being purchase of dwelling in Yerevan. Totally, the number of the branches of "Converse Bank" amounts to 16 of which 5 are situated in the capital.
Armen Hovhannisyan, Head of "Converse Bank" CJSC Consumer Loans Unit, in his turn informed the ArmInfo correspondent of the upcoming mortgage lending to be launched by Branches "Gyumry" and "Vanadzor", the fact being conditioned by growing demand for hypothec. Mr. Hovhannisyan also announced that the current mortgage lending portfolio of "Converse Bank" amounts to USD 920 thousand which, according to preliminary forecasts, will reach USD 1.6 million by yearend. A. Hovhannisyan pointed out that to date the average hypothecary loan provided by "Converse Bank" amounts to USD 25-45 thousand, the maximal repayment term varying between 10-12 years depending upon the borrower’s being or not being, a Bank customer, the interest rate fluctuating within the limits 13-14% annually and the minimal advanced payment comprising 30% of the value of dwelling to be acquired.
According to the data of the RA Committee of Title Registry, by the end of January of the current year the average cost of 1 square metre of private houses in Yerevan amounted to AMD 230.4 thousand against AMD 185.8 thousand in January 2006; in Vanadzor - AMD 65 thousand per 1 m 2 against AMD 44.5 thousand in the January of the previous year, in Gyumry - AMD 62.3 thousand against 47.3 thousand in January 2006. Accordingly, in January 2007 the cost of 1m2 of apartments in Yerevan reached AMD 227.1 thousand against AMD 180 thousand in January 2006, in Vanadzor - AMD 62.1 thousand against AMD 42.7 thousand during the same period of the previous year, in Gyumry - AMD 60.2 thousand against AMD 44.5 thousand in January 2006.


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