VTB Bank (Armenia) once again reduced the interest rate on mortgage  lending

ArmInfo.Once again, VTB Bank (Armenia) improved the conditions of mortgage loans by lowering interest rates and increasing the availability of real estate  acquisition for its clients.  ArmInfo was informed about this in the  press service of the bank.  

VTB Bank (Armenia) offers its customers  to use the following favorable annual interest rates: for the  purchase of housing- 8.9% -13.7%, and for repairs / construction -  9.3% -12.1%. The effective interest rate is set in the range of 10.2%  -15%.  The main conditions of mortgage loans: prepayment starting  from 3%; the minimum repayment period is 3 years, and the maximum -  up to 30 years; loan amount - from 1 million to 80 million drams. 

To obtain mortgage loans at VTB Bank (Armenia), a minimum package of  documents is required. A preliminary decision on a loan is made as  soon as possible - within 1.5 business days.  More details about the  conditions for obtaining a mortgage loan can be found on the Bank's  official website by following the link:   https://www.vtb.am/ru/credits#hip-ot-ek#, at the Bank's branches and  in the Contact Center at 87- 87.  According to the Financial Rating  of the Banks of Armenia as of December 31, 2019 prepared by ArmInfo  IC, the mortgage portfolio of VTB Bank (Armenia) amounted to 15.7  billion drams or $ 32.8 million, increasing by 25.3% year on year,  and in Q4 alone-19.2 % In the loan portfolio of VTB Bank (Armenia),  the share of mortgages exceeds 7.3%, and the bank covers more than 4%  in the total volume of mortgage loans in the market. In 2019, VTB  Bank (Armenia) ensured an increase in retail lending by 25.4% to AMD  168.6 billion ($ 351.4 million) or 78.6% of the total loan portfolio  of the bank. 

It should be noted that VTB Bank (Armenia) CJSC became a member of  VTB International Financial Group in April 2004.  Currently, the  second largest VTB Bank PJSC in Russia owns 100% of the shares of VTB  Bank (Armenia). The Bank traditionally ranks among the leaders of the  banking system of the Republic of Armenia in terms of key indicators  and holds the lead in terms of coverage of the branch network.