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Get up to 8% state subsidy on mortgage.
From September 1, Liberty has been involved in the state mortgage subsidy program, which aims to provide maximum support to individuals who want to buy or build a real estate.
Under the program, individuals with many children or parents of a newborn child have the opportunity to receive a 5-year state subsidy on mortgages, both in new and old built projects, as well as for the construction of a house.
What does the subsidy program mean?
Under the program, in case of purchase of a real estate / construction of house from development companies or private individuals, the state will finance the loan interest at a maximum of 8% for a period of 5 years. The maximum amount of a subsidized mortgage loan is GEL 200,000.
For loans over GEL 200,000, the remaining amount may be financed by the participation of the borrower or by the bank through a parallel mortgage loan.
The following persons can benefit from the program:
The subsidy percentage is calculated as follows:
The refinancing rate (index) is periodically determined by the National Bank of Georgia and information about it is available on the website of the National Bank of Georgia: https://nbg.gov.ge/ (Section of monetary policy); Changes in the refinancing rate (index) are carried out periodically determined by the National Bank of Georgia.
|Loan amount||From GEL 3000|
|Term||Minimum - 6 months, Maximum - 240 months in GEL|
|Interest rate (Nominal and Effective)||Indexed** percent: from 11,8% in GEL, effective from 13,28%|
|Income||From GEL 500|
|Loan fee:||0.4 % min. GEL 50|
|Age||18 - 75 years old|
|Contribution||From 0% ***|
|Co-borrower||No more than three co-borrowers are allowed (principal borrower + two co-borrowers)|
|Other expenses||Cost of security registration in National Agency of Public Registry - from 158 GEL; Cost of removing the security of National Agency of Public Registry - from 151 GEL|
*Effective interest rate is calculated: 120 months for GEL 200,000
** Index: GEL - refinancing rate of the National Bank of Georgia
*** Contribution from 0% - with the addition of alternative real estate.