February 29
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The development of mortgage market is a positive stimulus for state in socio-economic aspects. In the recent years, especially after 2014, the mortgage market received a new dynamics conditioned by implementation of the mortgage income tax refund program in RA.  The program enabled the citizens to direct the income tax paid by them towards the repayment of interests of the mortgage loan from the primary market.

According to the official data of the SRC, an increase in income tax amounts towards the repayment of interests of the mortgage loans and beneficiaries has been recorded. 2015- From 2015 to 2022, 31 890 citizens have benefited from income tax refund program in the amount of interests paid on the mortgage loan, AMD 89,1 bln were returned from the State Budget.

In one of the interviews given in October 2018, Saribek Sukiasyan, Chaiman of ARMECONOMBANK OJSC Board, referring to the steps taken by the Government to activate the construction sector and the mortgage market, emphasized that the steps taken by the Government really visibly activated the mortgage market. Certain steps are also being taken by Armeconombank to develop that direction.  The bank finances the construction companies under special terms, works within the frameworks of all state lending programs.

“ARMECONOMBANK OJSC and ՞National Mortgage Company՞  RCO CJSC and “Sil Insurance” ICJSC launched a joint program, enabling to ensure only 10% instead of the previous 30% of the advance payment of the loan to customers applying for the mortgage loan. Instead of the 20% remaining for the advance payment, the customer makes an advance payment insurance through Sil Insurance.There will be no need for pledging an additional property”, - mentioned Sukiasyan.

Under such conditions the Chairman of Armeconombank OJSC Board Saribek Suliasyan emphasized the development of bank-customer stable relationship. According to the businessman, the customer must be more literate and informed to be able to interpret and understand the provisions of the agreements signed with the banks, in order not be attracted by attractive offers having a hidden context. The customers are often tempted to lend at a lower interest rate, without even realizing that in this case they are paying additional commissions.  Sukiasyan drew attention to the fact that some banks provide misleading information to the client with their advertisements and announcements, their advertisements sometimes cause wrong assumptions, and "best bank", "first bank" and other similar expressions can simply mislead the client. .

According to Saribek Sukiasyan, Armeconombank, operating since 1991, as the first bank of the newly established republic, has never been aggressive in the market, even years after its establishment.

“The end justifies the means ideology gs never been the vision of mine and that of the Bank’s management.  We are in favor of healthy competition, and the obsession with profiting by violating market rules, by "spoiling" the market, is simply unacceptable to me. The accurate analysis of different bank indicators enabling to assess correctly the real bank positions and not to take the advertisement as a basis is also important. The banks in their turn should help the customers in making right decisions when managing their own funds, avoiding the application of methods of unfair competition. Today, when the role of banks has an important role in socio-economic life of countries, there are principles that cannot be violated”, - noted the businessman.

The banks have their own internal controls and are responsible for these controls. For years Armeconombank attached great importance to the application of that controls and developed the prospective development plan based on the correct risk assessment.   Growth proportional to risks, not to expectations of current profits. this is the key to lasting success.

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