If you’re a foreigner looking to buy a property in Georgia, you may be wondering if you’re eligible for a mortgage or home loan. The good news is that the answer is yes, foreigners can get mortgages or home loans in Georgia. In this blog post, we’ll explore the process of getting a mortgage or home loan in Georgia as a foreigner.
Firstly, it’s important to note that Georgia has a thriving real estate market, which has been attracting a lot of foreign investors in recent years. The Georgian government has also made it easier for foreigners to invest in the country’s real estate sector by relaxing regulations and making the process of purchasing property more straightforward.
So, how do you go about getting a mortgage or home loan as a foreigner in Georgia? Here are the steps you need to follow:
- Check your eligibility: The first thing you need to do is check if you’re eligible for a mortgage or home loan in Georgia. Most banks and financial institutions require you to be at least 18 years old and have a steady source of income to qualify for a loan.
- Gather your documents: Once you’ve confirmed your eligibility, you’ll need to gather your documents. This typically includes your passport, visa, proof of income, bank statements, and a copy of the sales agreement for the property you wish to purchase.
- Choose a lender: Next, you’ll need to choose a lender. Georgia has several banks and financial institutions that offer mortgages and home loans to foreigners, so do your research to find the best option for you. Look for a lender that offers competitive interest rates and favorable repayment terms.
- Apply for the loan: Once you’ve chosen a lender, you can apply for the loan. You’ll need to provide all the necessary documents and information about the property you’re purchasing. The lender will then review your application and make a decision.
- Get approval and close the loan: If your application is approved, you’ll need to sign the loan agreement and close the loan. You’ll typically need to pay a down payment, which is usually around 20% of the property’s value, and the rest of the loan amount will be disbursed to the seller.
It’s worth noting that the process of getting a mortgage or home loan in Georgia can take several weeks or even months, so it’s important to start early and be patient.
In conclusion, foreigners can get mortgages or home loans in Georgia, and the process is relatively straightforward. By following the steps outlined in this blog post, you can secure financing for your dream home in Georgia. Happy property hunting!
In our experience it is best to hire a real estate agency who can guide you and help you secure your loan.
Check out our investing in Georgia page and let our agents help you acquire your property.
