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Converse Bank has launched a new Housing Finance project in the RA in order to promote energy-efficient housing construction in Armenia. According to the Bank release, the lending project is implemented within the framework of Converse Bank’s cooperation with the National Mortgage Company.

“Within the framework of 4 stages of the Housing Finance project, lending will give an opportunity to improve the housing conditions, to ensure the best thermal insulation of the apartment due to usage of the latest technologies in the process of construction or repair, to switch over to energy saving, as well as purchase household appliances of energy-efficiency class (above A +)”, - we were told at the Bank, where they added that offering affordable lending conditions for residents in remote areas, as well as usage of environmentally-friendly, energy-efficient materials during construction and repair are among the most important components of the Bank’s lending policy.

“Within the framework of 4 stages of the Housing Finance project to be implemented in the RA, mortgage lending will be carried out in two directions – “Energy efficient mortgage loans” and “Regional mortgage loans”. According to the source, the second loan type doesn’t impose a mandatory requirement to ensure energy efficiency. The customers will be provided with loans for maximum amount of AMD 25 million and maximum maturity of 20 years, at the annual interest rate of 11%”, - they told us at Converse Bank.

It should also be mentioned that Converse Bank and the National Mortgage Company have been cooperating since year 2010, implementing various projects connected with mortgage loans.