Georgia attracts foreign investors and real estate buyers due to its transparent legal system, favorable conditions for doing business and availability of mortgage lending. Foreigners can apply for a mortgage in Georgian banks, but there are peculiarities that are important to take into account.

Basic requirements for obtaining a mortgage for foreigners

1. Proof of income: Banks require proof of stable income. This can be a salary, rental income, business income or regular remittances from abroad.
2. Down payment: A down payment of 30-40% of the property value is usually required for non-residents of Georgia
3. Credit history: Having a positive credit history in the country of residence can increase the chances of loan approval.

Terms of mortgage lending

• Loan amount: Banks usually lend up to 70-85% of the value of the property.
• Interest rates: Rates vary depending on the currency of the loan and the bank. For example, at Liberty Bank, rates start at 7% for loans in euros and US dollars.
• Loan terms: Loan terms can be up to 20 years, depending on the bank and the terms of the loan.

Steps to apply for a mortgage

1. Selecting a property: Determine the type and location of the property you plan to purchase.
2. Contacting the bank: Contact the selected bank for preliminary consultation and clarification of terms and conditions.
3. Submission of documents: Provide necessary documents including passport, income proof and other required papers.
4. Property appraisal: The bank will appraise the value of the property to determine the loan amount.
5. Signing the contract: Once the loan is approved, the mortgage contract is signed and the funds are transferred to the seller's account.

Features and recommendations

• Language of documents: Documents submitted to the bank must be in Georgian or have a notarized translation.
• Taxes and fees: When buying real estate you should take into account additional costs such as property transfer tax and notary services.
• Consultation with a lawyer: It is recommended to contact a lawyer specializing in real estate in Georgia for professional advice and support of the transaction.

Mortgage in Georgia for foreigners is a real opportunity to buy real estate in a country with an emerging market and a stable economy. By following the necessary requirements and carefully choosing a bank and real estate, you can successfully apply for a mortgage loan and become a homeowner in Georgia.