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.

Agenda.ge, 02 Sep 2020 - 14:18, Tbilisi,Georgia

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.