Mortgage for New Builds: Documents the Bank Requires

New‑build mortgage: what documents the bank requires 🏢📋

Buying an apartment in a new development often requires a clear package of documents so the bank can assess affordability and secure the loan. Requirements vary by bank and project, but the checklist below covers the typical paperwork and practical steps to speed up approval.

Core documents — usually requested by banks 📑

• Identity document: passport or national ID.
• Proof of income: employer certificate, payroll statements, or tax returns for freelancers.
• Employment evidence: contract or letter from employer with contact details.
• Recent bank statements to demonstrate regular income and cash flow.

Documents related to the property (from the developer) 🏗️

• Sales contract or pre‑sale agreement between buyer and developer.
• Documents proving the developer's right to the land and construction permits — banks often review these to confirm legal standing of the project.
• Technical descriptions, floor plans and specification for the unit — needed for valuation and collateral preparation.

Additional documents banks might request 🔁

• Valuation report from an accredited appraiser (often arranged by the bank).
• IDs and income documents for co‑applicants or guarantors.
• Proof of initial payment: receipts, bank transfers or advance agreement.

For self‑employed, freelancers and business owners 💼

• Tax returns or official income statements for recent periods.
• Business bank statements showing turnover and regular receipts.
• Contracts with regular clients or basic financial reports if available.

For foreigners and non‑residents ✈️

• Passport and, if relevant, residency or work permit.
• Official translations and notarisation of foreign documents if required by the bank.
• Income confirmation from abroad — translated and certified when necessary.

Common issues and how to prevent them ⚠️✅

• Mismatching personal details across documents. Tip: ensure names and IDs match exactly on all papers.
• Missing or incomplete developer paperwork. Tip: request the full suite of permits and registration documents from the developer and present them to the bank early.
• Undisclosed loans or irregular transactions. Tip: obtain up‑to‑date credit history and be ready to explain large transfers.

Practical steps to prepare and speed up approval 🛠️

1. Make a checklist and start collecting documents well before applying — allow a few weeks for gathering and translations.
2. Ask the developer for the complete documentation package on the project.
3. Check specific bank requirements for formats and translations — rules can differ.
4. Prepare backup income proofs (bank statements, contracts) if your primary documents are incomplete.
5. Discuss appraisal and collateral registration timelines with the bank to plan your down payment schedule.

Legal and safety advice 🔒

• Vet the developer: reputation, completed projects and any court cases. Legal checks on land and permits reduce risk.
• Carefully review the sale agreement: handover terms, warranties, and penalties for delays.
• Consider an independent legal review of the sale contract and the developer's documents if anything is unclear.

Final notes

Banks combine income verification and property documentation to decide on mortgage approval. Clear, complete files and transparent communication with the developer and bank speed up the process.

If you are looking for new developments and want help preparing documents or checking a developer, BuyHome advisors can assist. Start your search here: https://buyhome.ge/en/search

Contact us — we will help prepare your documents and guide you through the mortgage process with confidence. 📞🏡