Coronavirus mortgage subsidies facilitate 90 million GEL in loans
As of August 16, about 1,000 mortgage loans have been subsidised. Photo: Nino Alavidze/Agenda.ge.
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The state has already subsidised about 90 million GEL worth of mortgages since the introduction of the programme back in late May, President of the Banking Association of Georgia Alexandre Dzneladze has announced.
As of August 16, about 1,000 mortgage loans have been subsidised.
As part of the programme, the state subsidises 4 per cent of the interest rate of mortgage loans with a maturity of up to 5 years.
The budget of the programme is 70 million GEL.
Only mortgages not exceeding 200,000 GEL taken out to purchase newly built residential apartments from June 1, 2020 to January 1, 2021 will be eligible to receive the subsidy.
The initiative was presented on May 28 by Georgian PM Giorgi Gakharia within the government’s fourth anti-crisis plan.
Buildings on which construction began before 2008 and which are still not completed may be made exempt from paying value added tax until 2026, announced Georgian Prime Minister Giorgi Gakharia at a government meeting earlier today.
The Georgian government has announced a 100 million GEL ($32.46 mln/€27.48 mln) tender to ensure the completion of unfinished construction projects. The government will then sign a sale option agreement with the winners of the tender and purchase not more than 30 per cent of the total living space of each building.
What support can Georgian citizens expect?
The government of Georgia has announced the third phase of its anti-crisis plan in order to ease the burden caused by the coronavirus crisis.
How does the gov’t plan to support the construction sector?
The Prime Minister of Georgia Giorgi Gakharia has presented a fourth anti-crisis plan today worth 434 million GEL aimed at supporting the construction and development sector of Georgia. He said that the construction and development sector was one of the fastest growing sectors which employed 120,000 people in 2019.
Two employees of Nikora supermarket at Vazha-Pshavela Avenue close to Medical University metro station as well as five employees of Zgapari supermarket at Rustavi Highway have been infected with COVID-19 in Georgia.