Subsidized mortgages were approved for 1,098 families in 2023, - according to the budget performance report.
The mortgage loan subsidy program was created to support the construction sector amid the pandemic. Later it was transformed into a program to support large families. Families with 3 or more children or a child under the age of 1 can get a subsidized mortgage. According to the data of the Ministry of Finance, this program has a total of 5,000 beneficiaries with a total subsidy of GEL 33.9 million.
"In the framework of the subsidized mortgage loan program, 1,098 mortgage loans were confirmed (including 35 refinancing applications). The total amount of loans made up GEL 135.7 million (including the total amount of refinanced loans - GEL 4.5). Within the said program, the subsidy was granted to 4,831 beneficiaries in the amount of GEL 33.9 million", - the budget performance report reads.
The Volume of Approved Subsidized Mortgages By Years:
2021 - 665 approved loans in the amount of GEL 2 million;
2022 - 3,068 approved loans in the amount of GEL 18.8 million;
2023 - 1,098 approved loans in the amount of GEL 33.9 million;
The subsidized mortgage loans can be disbursed on the following terms:
If a person has three or more minor children, one of whom is up to 1 year old, the co-financing rate shall be determined as follows:
The NBG refinancing rate as of the date of the loan disbursement- 1,5% but no more than 8%
If you have (no more than) two minor children, one of whom is up to 1 year old, the co-financing rate shall be determined as follows:
The NBG refinancing rate as of the date of the loan disbursement- 3,5% but no more than 6%
Note:
The maximum amount to receive within the co-financing: 200,000 GEL
The loan purpose: real estate acquisition/construction
The maximum tenor of the mortgage loan: 240 months
The maximum term of co-financing: 60 months of the loan disbursement
If the loan is disbursed for less than 60 months, the subsidy applies for maximum the given (loan) tenor whether the loan tenor is changed (increased) subsequently or not.
