Make the way to your new house
shorter with Norvik Credit!
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If you want to buy a house we offer mortgage on the security of real estate. Make the way to your new house shorter with Norvik Credit.
Norvik Credit advantages
- Individual approach to every customer
- Confidentiality
- Optimal financing structure
- Notary service
- No penalties in case of early loan disbursement
- Quick Real Estate assessment
- Loan repayment terms (5 years)
Additional expenses
- Real estate assessment is carried out by an independent
assessing organization.
- Real estate insurance
- Notary services
Necessary documents
- Application
- Copy of the passport and the social card of the buyer
- Copy of the marriage certificate of the buyer
- Copy of the passport and the social card of the buyer’s wife (husband)
- Reference from the working place (of the wife and the husband)
- Reference from place of residence of the buyer (3rd form)
- Copy of the ownership certificate of the property
- Copy of the passport of the owner
- Reference from place of residence of the seller (3rd form)
- Copy of the marriage certificate of the seller
- Document confirming the right to buy real property
- Reference from the Real Estate State Committee (general reference)
- Other documents as necessary
Crediting terms for buying
real estate |
| Loan amount |
10,000 – 1,000,000 USD |
| Loan maturity |
5 to 10 years |
| Loan currency * |
USD or Euro * |
| Commission fee |
At least 100 000 AMD or 1% of the loan amount |
| Interest rate |
13-16% |
| Loan provision |
Cash and non-cash |
| Loan repayment |
Cash and non-cash, in case of early repayment no penalty is applied and the interest rate is calculated on the declining balance |
| Loan interest calculation procedure |
Based on the annuity formula, the calculation of the interest is applicable to the declining balance |
| Interest repayment |
Monthly |
| Principal amount repayment |
Monthly |
| Security (pledge type) |
Real estate |
| Maximum index of “Loan compared to collateral” value |
90% |
| Fines amount |
30 % annually for the overdue loan/interest amount |
| Credited property insurance |
Mandatory |
| Maximum term of decision on loan application** |
15 days** |
| Term of informing the loan applicant about the decision** |
3 days ** |
| Term of providing the loan to the borrower** |
10 days ** |
| Additional costs |
Costs related to the Government Real Estate Cadastre State Committee, notary ratification of the contract, property assessment, property insurance |
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* Interests, fines and penalties provided in the contract are paid in AMD, by the currency exchange rate of the payment day (moment)
** If during the process of decision-making on the loan application and/or the provision of the loan any legal questions arise, the above dates may be extended. |
Crediting terms for renovation of
real estate |
| Loan amount |
10,000 – 1,000,000 USD |
| Loan maturity |
5 to 7 years |
| Loan currency * |
USD or Euro * |
| Commission fee |
At least 100 000 AMD or 1% of the loan amount |
| Interest rate |
13-16% |
| Loan provision |
Cash and non-cash |
| Loan repayment |
Cash and non-cash, in case of early repayment no penalty is applied and the interest rate is calculated on the declining balance |
| Loan interest calculation procedure |
Based on the annuity formula, the calculation of the interest is applicable to the declining balance |
| Interest repayment |
Monthly |
| Principal amount repayment |
Monthly |
| Security (pledge type) |
Real estate |
| Maximum index of “Loan compared to collateral” value |
90% |
| Fines amount |
30 % annually for the overdue loan/interest amount |
| Property insurance |
Mandatory |
| Maximum term of decision on loan application** |
15 days** |
| Term of informing the loan applicant about the decision** |
3 days ** |
| Term of providing the loan to the borrower** |
10 days ** |
| Additional costs |
Costs related to the Government Real Estate Cadastre State Committee, notary ratification of the contract, property assessment, property insurance |
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* Interests, fines and penalties provided in the contract are paid in AMD, by the currency exchange rate of the payment day (moment)
** If during the process of decision-making on the loan application and/or the provision of the loan any legal questions arise, the above dates may be extended. |
Attention: The interest rate defined for this loan is subject to review by the Organization, once within every 12 months from the day of conclusion of the contract till the end of the contract term. As a result of revision the interest rate may be added unilaterally by the Organization if the London Inter Bank Offered Rate (Libor) in USD during the term of the contract and at the end of each cycle is higher that the acting Libor rate by one and/or more full points. In that case the interest rate will be increased accordingly by the amount of Libor rate change.
Warning
In case of not fulfillment or a non-appropriate fulfillment of loan debts by the Borrower, the organization may apply the following sanctions according to the “Procedure of Actions of the Credit Organization in Case of Past Due Payments”: clarification of reasons, written notifications, payment enforcement or collateral confiscation by court.
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Armenia, 0002, Yerevan, 12 Saryan st.
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