In Georgia, launched a program to subsidize mortgage loans
To solve the problem of reducing real estate sales, the authorities decided to simplify the process of purchasing apartments for citizens.
The program of subsidizing mortgage loans for citizens who want to buy an apartment before the end of the year has started in Georgia, said the head Of the Agency "Produce in Georgia" Mikhail Hidureli.
According to him, the private sector is very active in relation to the program.
"Very soon we will be able to keep statistics together with banks. Applications have been accepted, they are already being processed, and statistics of the first stream will be provided in the near future, " Hidureli said.
Mortgage loans are subsidized as part of the government's program to help the construction sector.
To solve the problem of reducing real estate sales, the authorities decided to simplify the process of purchasing apartments for citizens. Those who want to improve their housing conditions and buy apartments by the end of 2020, the government will subsidize the interest rate on mortgage loans. The subsidy of 4% for 5 years will apply to all credit agreements up to 200 thousand lari.
According to the rules established by the national Bank of Georgia, mortgage loans can be issued for a period of up to 20 years and the security coefficient for the purchase of an apartment is 70%. in Other words, the recipient must pay the remaining 30% when purchasing an apartment. When participating in the program, the recipient of the loan pays only 10%, and the state provides guarantees for the remaining 20%, according to which the buyer receives a delay in paying this amount.
According to the plan, the government will allocate 70 million lari for subsidizing the mortgage interest rate; 14 million lari for state guarantees for the mortgage loan portfolio.
The program will be valid for contracts concluded before the end of the year. Out of 15 banks licensed in Georgia, five institutions participate in the program. Apartments under the new conditions are offered by about 70 construction companies.
Credit guarantee scheme
In addition, according to Hidureli, there is a lot of activity in the part of the credit guarantee scheme.
"Of course, a large share is accounted for by restructured loans, although we have high expectations that in a week we will have the first few cases of new business where the state acts as a guarantor," said Hidureli.
Under the program, the guarantee for each new loan issued by a commercial Bank is 90% of the loan amount, instead of no more than 70%.
Under the credit guarantee scheme, an entrepreneur can take out a loan in the amount of at least 50 thousand lari (16.7 thousand dollars) and no more than 5 million lari (1.7 million dollars).
The state will also provide 30% security in case of loan restructuring.
Sputnik-georgia.ru
Tags:
In Georgia, launched a program to subsidize mortgage loans
To solve the problem of reducing real estate sales, the authorities decided to simplify the process of purchasing apartments for citizens.
The program of subsidizing mortgage loans for citizens who want to buy an apartment before the end of the year has started in Georgia, said the head Of the Agency "Produce in Georgia" Mikhail Hidureli.
According to him, the private sector is very active in relation to the program.
"Very soon we will be able to keep statistics together with banks. Applications have been accepted, they are already being processed, and statistics of the first stream will be provided in the near future, " Hidureli said.
Mortgage loans are subsidized as part of the government's program to help the construction sector.
To solve the problem of reducing real estate sales, the authorities decided to simplify the process of purchasing apartments for citizens. Those who want to improve their housing conditions and buy apartments by the end of 2020, the government will subsidize the interest rate on mortgage loans. The subsidy of 4% for 5 years will apply to all credit agreements up to 200 thousand lari.
According to the rules established by the national Bank of Georgia, mortgage loans can be issued for a period of up to 20 years and the security coefficient for the purchase of an apartment is 70%. in Other words, the recipient must pay the remaining 30% when purchasing an apartment. When participating in the program, the recipient of the loan pays only 10%, and the state provides guarantees for the remaining 20%, according to which the buyer receives a delay in paying this amount.
According to the plan, the government will allocate 70 million lari for subsidizing the mortgage interest rate; 14 million lari for state guarantees for the mortgage loan portfolio.
The program will be valid for contracts concluded before the end of the year. Out of 15 banks licensed in Georgia, five institutions participate in the program. Apartments under the new conditions are offered by about 70 construction companies.
Credit guarantee scheme
In addition, according to Hidureli, there is a lot of activity in the part of the credit guarantee scheme.
"Of course, a large share is accounted for by restructured loans, although we have high expectations that in a week we will have the first few cases of new business where the state acts as a guarantor," said Hidureli.
Under the program, the guarantee for each new loan issued by a commercial Bank is 90% of the loan amount, instead of no more than 70%.
Under the credit guarantee scheme, an entrepreneur can take out a loan in the amount of at least 50 thousand lari (16.7 thousand dollars) and no more than 5 million lari (1.7 million dollars).
The state will also provide 30% security in case of loan restructuring.
Sputnik-georgia.ru
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