Mortgages in Armenia often require an advance payment of up to 30% of the market value of the property. This amount often reaches 10-20 million drams, which makes it almost impossible to buy a new apartment.
Downpayment insurance is a part of the borrower’s mortgage obligation, for which the insurance company will bear the obligation to compensate the bank’s losses in case of non-fulfillment.
RATES, CONCLUSION AND TERMS OF INSURANCE AGREEMENT
Rules of downpayment insurance (only in Armenian)