Georgian gov’t to subsidise loans for families with newborn children, multi-child families starting Sep. 1

The Georgian government will subsidise mortgage loans for families with newborn children and multi-child families starting September 1, Economy Minister Natia Turnava announced earlier today. 

Eligible families will have 12 months starting September 1 to apply for loans.

The terms of the state subsidy are:

• The state will offer a loan subsidy to families who will have a child from September 1 with a maximum loan amount of 200,000 GEL (about $64,012 /€53,801).
• The state will subsidise six per cent of the loan if the newborn is a first or second child.
• The state will subsidise about eight per cent of the loan if the newborn is a third or fourth child. 
• The state will subsidise about four per cent of the loan for families who have three or more children (without having a newborn child).
• The loan interest will be repaid within five years. 

Minister Turnava noted that the Georgian government hopes that ‘it will greatly contribute to the well-being of families.’ 

In each such family, a newborn child will bring not only great joy but also specific practical benefits,” stated Turnava. 

Prime Minister Irakli Garibashvili also spoke about the assistance programme for families earlier today and noted that ‘through [this programme] it will be possible [for families] to buy an apartment or a private house.’