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Interest rate on mortgage loans to rise in Georgia

Finance Materials 3 September 2021 17:08 (UTC +04:00)

BAKU, Azerbaijan, Sept. 3

Tamilla Mammadova – Trend:

The interest rate on mortgage loans issued to individuals in Georgia will increase in price in 2H2021, Trend reports with reference to the National Bank of Georgia (NBG).

As of July, the average interest rate on mortgage loans in lari was 11.86 percent.

The interest rate on mortgage loans in euros averages 4.7 percent, which is 0.6 percentage points lower than in January. On mortgage loans denominated in dollars, the average interest rate is 6.5 percent, which is 0.5 percentage points less than in January.

However, according to the rules in force in the country, loans up to 200,000 lari ($64,344) can be taken only in lari, so most citizens receive mortgage loans in lari.

In turn, loans in lari will rise in price due to the growth of the NBG refinancing rate. The refinancing rate is currently 1 percent.

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