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Georgian ProCredit Bank joins State Mortgage Subsidy Program

Finance Materials 21 July 2020 17:25
Georgian ProCredit Bank joins State Mortgage Subsidy Program

BAKU, Azerbaijan, July 21

By Tamilla Mammadova – Trend:

Georgian ProCredit Bank has joined the country's State Mortgage Subsidy Program, which aims to support the real estate development business as well as increase access for private individuals to real estate, Trend reports referring to Georgian media.

As reported, the government beneficial scheme, which offers clients looking to improve their living conditions a variety of benefits, co-finances the interest rate of the loan issued for the first 5 years and participates in the collateral pool of applicants who cover 10 percent of the value of the property they wish to purchase with their own funds.

The maximum loan limit under the Subsidy Program is 200,000 lari ($65,418) and the application deadline for the Program is 31 December 2020.

Meanwhile, the Subsidy Program is only available to Georgian citizens wishing to purchase an apartment from a construction company and does not cover the purchase or construction of a private home or cottage. Those interested in building a home, can apply through ProCredit Bank for financing in lari, USD and euro.

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