How to Get a Mortgage from Converse Bank on Favorable Terms

Converse Bank is one of Armenia’s leading banks, offering a wide range of mortgage products tailored to different life situations. Its portfolio includes loans for the purchase, construction, and renovation of real estate, as well as special programs for military personnel, young families, and energy-efficient renovations.

The bank places a strong emphasis on transparent terms, a flexible approach, and no penalties for early repayment. Its mortgage products serve both individuals and business clients.

Below is a full overview of the programs, along with example calculations and practical advice.

Top 5 Converse Bank Mortgage Programs with Favorable Rates

Takeaway: With government support, effective rates at Converse Bank start from 3.16%, while foreign currency loans without subsidies can reach up to 24%.

You can learn in detail how military mortgage works in Armenia from our article of the same name.

How Much You Can Save: Overpayment Calculation

Example:

1. Loan amount: AMD 25 million
2. Term: 20 years
3. At 7.5% rate: approx. AMD 22 million in overpayment
4. At 16% rate: approx. AMD 39 million in overpayment
5. Savings: up to AMD 17 million by choosing a government-supported program

Government Programs that Converse Bank participates

1. For Young Families — rate from 3.16%, down payment from 7.5%, with age and income restrictions.
2. For Military Personnel — rate from 6.23%, down payment from 0%, and support up to AMD 2.5 million.
3. Energy-Efficient Renovation — subsidy covering 9% to 14% of the annual interest rate.

Converse Bank Mortgage Programs

1. Purchase, Renovation, or Construction of Property

1. Currency: AMD, USD, EUR
2. Interest rate: from 7.5% to 16.35%
3. Loan term: up to 20 years
4. Down payment: from 0%
5. Available to both residents and non-residents

2. Refinancing of “Warm Home” for Energy-Efficient Renovation

1. Currency: AMD only
2. Interest rate: from 14%
3. Loan amount: from AMD 275,000 to 3 million
4. Loan term: up to 7 years

3. Program for Military Personnel

1. Interest rate: from 6.23% (with a 5% government subsidy)
2. Down payment: from 0%
3. Loan amount: up to AMD 25.65 million

4. Young Families

1. Interest rate: from 3.16%
2. Loan amount: up to AMD 27.75 million
3. Age limits: up to 35 years for one parent or a combined total of 70 years for both spouses

5. Energy-Efficient Renovation

1. Interest rate: from 0% (after subsidy)
2. Loan amount: up to AMD 10 million
3. Loan term: up to 10 years

Comparison: Standard Mortgage vs Government-Subsidized Mortgage

Comparison of Key Program Terms

Mortgage Fees and Expenses at Converse Bank

Conditions for Non-Residents

1. Loans are issued only in foreign currency (USD or EUR)
2. Minimum down payment: from 10%
3. Maximum effective rate: up to 24%
4. Document requirements are the same as for residents

How to Apply for a Mortgage at Converse Bank: Step-by-Step Guide

1. Define your loan purpose: purchase, construction, or renovation
2. Explore suitable programs (via the bank’s website or AFM)
3. Prepare your documents: application form, passports, income statements, etc.
4. Submit your application either at a branch or online
5. Wait for a decision — up to 7 business days
6. Complete the transaction with a notary and cadastre registration

Can You Get a Mortgage Without a Down Payment?

Yes — under government-supported programs, such as those for military personnel or energy-efficient renovations, a zero down payment is possible.

Alternatively, the down payment may be replaced with additional collateral.

Read our article to find out how much down payment is required for a mortgage in Armenia in 2025.

Can You Get a Mortgage Without a Credit History?

Yes, if you meet the following conditions:

1. You have been officially employed for at least 6 months
2. You can provide proof of income
3. You provide a co-borrower or collateral

Mandatory Expenses When Applying for a Mortgage at Converse Bank

FAQ – Mortgages at Converse Bank

Q: Can I apply for a mortgage online?

A: Yes, you can apply for a mortgage at Converse Bank either through the official website or by visiting a branch in person.

The online application allows you to upload documents in advance, speeding up the review process. However, final approval and contract signing must be completed in person at the bank and with a notary.

Q: How long does it take to process an application?

A: The bank makes a decision within 7 business days from the moment a complete document package is submitted. In standard cases, the decision may be made sooner. If additional documents are required, the timeline may be extended.

Q: What government programs are available?

A: Converse Bank participates in several key government initiatives:

1. Affordable Housing for Young Families – rates from 3.16%
2. Special Military Program – with down payment and rate support
3. Energy-Efficient Renovation – with subsidized interest from the government

Q: Are there any penalties for early repayment?

A: No. All mortgage programs at Converse Bank allow early repayment with no penalties. Borrowers can reduce the loan term or overpayment at any time without additional fees.

Q: What is the maximum loan term?

A: The loan term depends on the selected program:

1. For standard mortgages and most government-supported programs — up to 20 years
2. For energy-efficient renovation — up to 10 years
3. This flexibility helps tailor monthly payments to your comfort level.

Conclusion: How to Save on a Mortgage with Converse Bank

Converse Bank offers one of the most flexible mortgage packages on the Armenian market.

Participation in major government programs, no early repayment penalties, and a convenient service package make mortgage financing truly accessible.

With rates from 3.16%, down payments from 0%, a clear application process, and eligibility for non-residents, a mortgage with Converse Bank can be a strategically smart decision.

Compare rates, terms, and additional expenses for all Converse Bank mortgage programs on AFM — this helps you calculate your total cost in advance and determine whether government support or a standard loan is more beneficial.

For example, over a 20-year term, the difference between an effective rate of 3.16% and 16% can reach up to AMD 17 million.

You can also read about how to buy an apartment with or without a mortgage on our platform.

The platform also allows you to account for fees, insurance costs, and notary expenses, which can add tens of thousands of drams to the total loan cost.

Don’t make a blind decision — use AFM to choose the most profitable option, compare the conditions in the “Mortgage” section and avoid unnecessary expenses.