Solvency of consumers of mortgage lending fell – CEO of the construction company “Arci” Tornike Abuladze says.
According to him, this is evidenced by the number of mortgage loans, which currently amounts to about 22 000.
“Today, banks offer mortgage lending service for Georgian natives working abroad. These loans are issued on more complex conditions, but it is a step forward. With regard to interest, they are still high – if recently one could get a mortgage loan at 7. 5-8.5%, now it rose to 11-11, 5% “- he notes.
However, at the same time, bankers say that on the contrary, the interest on the mortgage loans decreased.
“Commersant” interviewed leading Georgian banks in this regard.
For example, Bank “Republic” gives a mortgage in dollars or euros at 12%, the annual effective interest – 13. 6%, the maximum loan term – 15 years, a minimum income – USD 400 per month (or the equivalent in GEL).
An interest rate in local currency is 16%, the effective rate – 19.7% per year, the maximum term – 3 years, the minimum income – 700 GEL per month.
The interest rate in “Bank of Georgia” starts from 9% ” – (effective – 10, 27%), the amount – from USD 3 000 to 175 000 (or equivalent in GEL), loan term – 15 years.
In the “BG” declare that the interest rate has tended to decline and now the bank gives customers the opportunity to obtain a loan at an effective rate of 10.27% per year.
“Bank of Georgia” also notes the seasonality of mortgage lending, particularly in the summer demand is growing.
In the first quarter of 2014 “BG” issued mortgage loans in the amount of 458.6 million GEL, which is 19% more than in the same period of 2013.
“TBC Bank” talks about the trend of lower interest rates on mortgage loans.
“In particular, if in 2013 the interest rate started from 12%, now one can take a loan at 9% per annum (effective rate – 10.76%). Overall mortgage portfolio is constantly growing. In addition to low interest rates, “TBC Bank” has another competitive advantage – partnerships with several development companies that provide access to the loan even for apartments which construction has not yet begun, “- said in the bank.