IDBank: We offer the most flexible and profitable terms for mortgage borrowers

Given the unstable political situation and the fact that Armenians have concerns especially regarding the purchase of an apartment and loan obligations, we present the interview of Arthur Kocharyan, the head of the sales division of IDBank.

The main question we hear from those who want to buy an apartment, is how to be sure that the projects will be implemented and that we will not have unfinished buildings and loss of money, because there Are there many cases where buyers have been waiting for their apartments for years?

Of course, it wouldn’t be fair to deny the existence of such risks, but they are manageable. Let me explain how: the total amount of the mortgage loan granted is frozen in a special account opened in our bank in accordance with the law, before receiving the final deed of the building and issuing the final certificate of ownership of the apartment to the buyer. . This means that if the developer does not construct the building on time or does not construct it with violations, and the buyer does not receive a certificate of 100% completion, the mortgage borrower has the right to repay the amount. frozen in full repayment of the loan and take back the rest, thus having no further obligation to the bank.

I think the freezer option Mortgages 100% is the most important factor that the customer should pay attention to when buying an apartment. This insures him against the main risk and in the event that the construction work is not completed on time, he does not have to pay off the mortgage, in fact does not receive an apartment in return. In addition, it is important that the amount is frozen at 100%, so that in the event of non-compliance by the promoter with the provisions stipulated in the contract, the buyer can repay his loan in full.

It’s a good solution, I would say it’s perfect. But will there be developers in the Armenian market who will agree to sell the apartment on condition that they receive the money after completion?

We prefer this type of developer. They construct the buildings by their own means, at their own risk, and not by those of the buyers. This also speaks of the responsibility of the developer: in general, if the developer is ready to work under these conditions, the probability that he will not finish the building or resort to fraud is close to zero. Anyway, considering the risk of the business and many other factors that can lead to this worst outcome, the buyer in this case, as I mentioned before, does not lose the loan amount, it simply repays the loan.

By the way, buyers tend to be cautious, spend their funds more wisely, and developers, who adapt to the market to ensure business continuity, are happy to cooperate with us even as long as they freeze the time. ‘silver. If we pay attention, we can see that the the list of developers cooperating with us is constantly updated. IDBank offers its borrowers apartments in the best new buildings in the city: this is also a very important condition when buying real estate.

Interest rates have recently increased in the mortgage market. Is there such a trend in IDBank?

The trend in IDBank is the opposite – it is decreasing (he smiles – editor). When buying apartments from certain developers, a very low interest rate is applied to the Bank for certain terms, starting at 4.99% per annum at AMD. This is an unprecedented interest rate in the Armenian market. In addition, we have preferred mortgage terms with different promoters, and for those who buy in the secondary market, we have lowered the interest rates. To find out more, buyers who receive their salaries in our bank will benefit from more advantageous conditions.

In addition, IDBank now offers salary packages – IDsalary and IDsalary + that everyone can join, regardless of the bank with which their employer works. These are individual packages, within the framework of which the customer enjoys a number of advantages for the use of IDBank services.

In addition, we also have package deals, where a lower interest rate is applied, Rocket line a limit is provided to the customer in the amount of 10% of the loan amount and a line of credit in the amount of 5% of the credit, as well as a more favorable interest rate for the savings account. Our offers are therefore flexible, tailored to the customer’s requirements and wishes.

When it comes to buying an apartment, the amount of the down payment is also important for buyers, especially when there is a tendency for the down payment to increase in the market.

This trend is conditioned by the events unfolding in our country and in the world in 2020. Mortgage down payments have increased in the market since the outbreak of the war due to certain risks, but to the delight of customers of IDBank, the same conditions persist. to be requested in our bank – deposit from 10%, in case of second pledge – 0%. It is part of IDBank’s policy not to create additional problems for its customers and even to resolve certain problems. Due to its flexibility, the Bank considers all mortgage loan applications separately and if there is a small opportunity, the credit terms are approved in favor of the client. We try to offer our clients practical and profitable conditions, making the process of buying an apartment as easy as possible. It refers to the paperwork, the drafting process, etc.

The last question concerns the procurement process: how long does it take the customer?

The process is as simple as possible, we accept applications and we consult not only in agencies: we have launched a new service now. In Yerevan, many of our citizens cannot visit the branches due to the workload, traffic jams and lack of parking lots, and since the mortgage loan requires consultation, our clients can contact the Bank and our staff will visit the apartment or workplace of the client to take the mortgage application and other documents. The following process is also carried out taking into account the occupancy and convenience of the customer, among other factors.

About Larry Noble

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