Mortgage in Georgia for Foreigners: Terms and Requirements

Introduction

Getting a mortgage in Georgia is an option for many foreigners who want to buy property for living, work, or investment. This guide outlines typical bank requirements, documents, risks and practical steps to help you plan confidently. 🏠🇬🇪

Quick overview

• Who can apply
• Documents commonly requested
• Down payment and loan-to-value considerations
• Interest types and currency choices
• Legal due diligence and collateral
• Extra costs: fees, taxes, insurance
• Approval process and timelines
• Practical tips for choosing bank and property

Who is eligible

Foreign nationals can often obtain mortgages in Georgian banks. Eligibility depends on income stability, credit profile and documentation. Residency helps but is not always required. Banks treat residents and non-residents differently, so expect variation in terms and conditions.

Documents to prepare

• Passport and visa pages if applicable
• Proof of income: employer statements, bank statements, freelance contracts
• Tax documents if available
• Bank statements covering several months
• Preliminary purchase agreement or seller offer

Tip: Ask the bank in advance about document translation or notarization requirements for foreign paperwork.

Down payment and LTV

Banks typically require a down payment expressed as a percentage of property value. The amount varies by bank, borrower's profile and property type. For non-residents, banks may expect a larger down payment or additional guarantees.

Interest rates and loan currency

Mortgages are offered in the national currency (lari) and in major foreign currencies. If your income is in lari, a local-currency loan can reduce currency risk. If your income is in euros or dollars, a foreign-currency loan might be more convenient. Loans may feature fixed or variable rates; check terms for repricing and prepayment penalties.

Legal due diligence and collateral

The purchased property is usually pledged as collateral. Perform full legal checks: title deeds, encumbrances, permits for new developments and correct registration. Use an independent lawyer or notary to reduce legal risk before signing.

Additional costs to budget for

• Notary and registration fees
• Bank appraisal and administrative fees
• Property insurance and possibly life/credit insurance
• Purchase taxes and periodic local taxes where applicable

Include these in your affordability calculation to avoid surprises.

Typical approval process

1. Initial consultation and pre-qualification with a bank.
2. Submission of documents and credit assessment.
3. Property valuation and legal checks.
4. Signing the loan agreement and mortgage deed.
5. Registration and disbursement of funds.

Timelines vary depending on the bank, document complexity and whether foreign documents need certification.

Practical advice and examples

• Start with a realistic budget that includes all costs, not just monthly payments.
• Compare multiple banks and focus on full cost, not just headline interest rate.
• Consider currency exposure and how your income aligns with loan currency.
• For investors, research rental demand and potential resale liquidity.
• Use professional help for legal checks and negotiation — it often saves time and money.

Final thoughts

A mortgage in Georgia can be an effective tool for buying property, but success depends on preparation: right documents, legal checks and marketing knowledge of the area. If you need help finding properties, preparing documents or negotiating with banks, our team is ready to assist. Explore listings at https://buyhome.ge/en and contact us — we will help you choose the best option and support the transaction. 📩