Buying an apartment is a joyful moment, however, it is very responsible step. Therefore, every detail has to be considered whether it is a cozy environment, prestigious settlement or the terms of the payment. One of the most actual issues of today is the essence of the subsidy program and how can we participate in this program. It is our responsibility to answer these and other questions. Thus, read our article carefully and learn more about the program.
What does the subsidy program mean?
This is the program supported by the government designed to promote the purchase of the real estate. To clarify, in case of purchasing a newly built apartment, the government will subsidize the mortgage interest rate of 4%. Furthermore, the subsidy will last for 5 years after taking out the loan. The program will apply to mortgage loans issued in national currency.
How can you benefit from government subsidy of 4% on a mortgage loan?
Those interested in participating in the abovementioned program should contact the development company and the service bank. As of today, all major banks in Georgia are involved in the subsidy program. Details related to the price of specific real estate as well as the terms of the loan shall be provided to the customers individually, by the relevant banks and the developers.
Until when is it possible to use the subsidy program?
Mortgage interest rate subsidies are available until the end of the year.
What are the requirements for participating in the program?
For the participation in the program to receive a subsidy, a mortgage loan must be issued to an individual before December 31, 2020 and it should not exceed 200,000 GEL. The purpose of the mortgage loan should be procurement of the residential apartment in a construction or development company.
When does the government terminates subsidy program?
For the purpose of participating in the program and receiving the subsidy, the mortgage loan should be issued to an individual until 31 December, 2020 and should not exceed GEL 200 000. The purpose of a mortgage loan should imply purchasing an apartment in construction or development company.