27.May .2020 18:41

Government to subsidize mortgage loans for citizens until the end of the year

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The government of Georgia has decided to subsidize mortgage loans to citizens, Prime Minister of Georgia Giorgi Gakharia said while delivering a report to the Parliament today.

The Prime Minister noted that the process of subsidizing the mortgage loan subsidy will continue until the end of the year and will be intended for all people who decide to take out mortgage loan and improve their living conditions.

"Construction will be one of the most seriously affected sector. We have already developed a specific plan. It’s not just the help for companies but for citizens too, who have either decided to buy an apartment and improve their living conditions, or have already involved in the process, or have paid the down payment, or have started cooperation with a construction company and their apartment is under construction. All such risks will be insured by the state. From today until the end of the year, the state will subsidize mortgage loans for all people who decide to take out a mortgage loan by the end of the year and improve living conditions. We have made the decision to avoid the results we had after the 2008 crisis, ”said the Prime Minister.