Buying an apartment in Tbilisi in a new building may be the most important investment of your life, developers offer users both a single payment and banking services. Banks issue long-term loans, which on the one hand is convenient and makes it easier for us to make a decision, but on the other hand, it is worth considering what conditions are better to take a loan.

Often, the customer does not want to interact with the bank and is looking for alternative ways, which is why the development companies are already trying to offer simplified payment terms to the interested client, but here, too, it is important to follow the procedure exactly.

Ask questions and hear from the developer – what are the payment terms?

Bank offer: as you know, the bank has many types of credit offers, but when buying an apartment in a new building in Georgia, you should take into account that a mortgage loan with a relatively low interest rate and a long term is issued in both national and foreign currency.

Taking a mortgage loan is not an easy decision, as risks and long-term risks must be taken into account. That’s why the user often prefers to use another, simpler way.

Internal installments: to the extent that bank installments imply a long-term commitment, there was a demand for construction companies to offer the internal installment system to the customer, which, unlike the bank, implies a short-term period and a customer-tailored payment system. Among them, the distribution of the initial contribution over a certain period, etc. It should be noted that only financially strong developers can make such an offer.

On the web or Facebook pages of construction companies, we often come across titles such as “best payment terms”, “customer-tailored payment terms”, which sounds attractive, but in reality, we should take into account that delving into the details is the best way to avoid financial dangers. There are several important issues to consider before buying an apartment from the developer:

  • • Collect information about the family’s monthly income and expenses;
  • • Determine the disposable income that remains after deducting all types of taxes (income and other) from the salary;
  • • Try to make a complete list of how much your monthly expenses are;
  • • Determine the amount you commit to paying, how much your expenses will increase

It is according to these criteria that the bank chooses whether to give you a loan or not, how solvent you are, taking into account your monthly income and expenses.

After receiving approval for a loan from the bank, be sure to read the terms of the agreement carefully, because there are often additional obligations (overdraft, etc.) “hidden” in fine print, which the bank representative may not emphasize verbally. Feel free to ask questions about all the details and only then make a final decision.

The Apart Development company offers both internal, interest-free, 18-month installments, as well as simplified terms with the bank, where it becomes your guarantor and the bank, after a 20% initial contribution, approves a 20-year mortgage loan.

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